At the UN climate change conference being held in Egypt, a group of developing countries led by India demanded the developed countries substantially increase the quantum of climate finance from the floor of 100 billion dollars per year to meet the ambitious climate goals.
The developing countries also demanded that the fund should be easily accessible. Developing countries, including India, have been demanding rich countries agree to a new global climate finance target also known as the new collective quantified goal on climate finance.
Speaking on behalf of Like-Minded Developing Countries (LMDCs), India lamented that the 100 billion dollars per year amount, promised back in 2009, is not just minuscule but had not even been delivered yet. LMDC group said in a statement the Standing Committee on Finance has estimated that resources in the range of 6 trillion dollars to 11 trillion dollars are required till 2030 to meet the targets set by developing countries in their Nationally Determined Contributions and other communications.
Indian delegation said in a statement that the mobilisation of the resource needs to be led by the developed countries and should be long-term, concessional, and climate-specific with equitable allocation between adaptation and mitigation projects.
Having failed to raise the 100 billion dollars per year by 2020, the developed countries have now promised to deliver this amount by 2023.
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