COP27: India insists on new global climate finance target by 2024

Updated: Nov 10 2022 3:47PM

New Delhi, Nov 10 (PTI) Developing countries require substantive enhancement in climate finance from the floor of USD 100 billion per year to meet their ambitious goals and rich countries need to lead the mobilisation of resources, India has stressed at the ongoing UN climate summit COP27.

At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change. Rich countries, however, have repeatedly failed in delivering this finance.

Developing countries, including India, are pushing rich countries to agree to a new global climate finance target -- also known as the new collective quantified goal on climate finance (NCQG) -- which they say should be in trillions as the costs of addressing and adapting to climate change have grown.