India flags failure to meet financial pledges for climate adaptation

India expresses concern over failure of developed countries to meet financial commitments for Just Transition, climate adaptation

At the World Governments Summit in Dubai, which opened on Tuesday, India expressed deep concerns over the failure of developed countries to meet financial commitments for a just transition, climate adaptation, and biodiversity conservation in developing economies.

 

This comes a day after almost all UNFCCC (United Nations Framework Convention on Climate Change) countries skipped the February 10 deadline to submit their third round of nationally determined contributions (NDCs) to slash their carbon emissions.

 

So far 10 of the 198 member countries have submitted their NDCs to UNFCCC. The 10 countries, including the UK, US, Brazil, Switzerland, UAE and Uruguay, account for 16% of global emissions.

 

This assumes significance as the COP29 at Baku mobilised only $300 billion per year by 2035 in climate finance against the demand for $1.3 trillion by 2030 made by developing nations.

 

"Climate change and biodiversity loss remain critical challenges and these cannot be addressed without a transformative change in how the world approaches development," India’s Environment Minister Bhupendra Yadav said at the XDG 2045 ministerial roundtable held as part of the Summit.

 

Speaking on the crucial issue of “Means of Implementation”, Yadav pointed out that financial resources required to achieve SDGs (sustainable development goals) remain far below what was promised by the developed nations. Despite numerous pledges, financial flows to developing countries have been insufficient to meet the pressing needs of climate adaptation, mitigation, and biodiversity preservation.

 

He noted that without adequate financing, many nations, particularly those with the greatest vulnerabilities, face a debt burden that threatens their ability to pursue sustainable development.

 

The minister urged developed countries to fulfil the financial promises made and work together to close this gap, as the world approaches the final stretch towards 2030.

 

According to the Asian Development Bank (ADB), climate change could lead to a potential GDP (gross domestic product) loss of around 17% in the Asia Pacific region by 2070, with some countries like India facing even higher losses of up to 24.7% under a high-emission scenario.