Developed nations must spend 1% of GDP to finance green projects in developing countries, says Narendra Modi
3 years, 1 month ago

Developed nations must spend 1% of GDP to finance green projects in developing countries, says Narendra Modi

Firstpost  

The Summit however ended with no time-bound agreements. Leaders recommitted to providing $100 billion a year to counter climate change, and pushing for greater vaccine equality to fight COVID-19 Asserting that India cannot ignore the neglect of climate finance, Prime Minister Narendra Modi said without concrete progress on it, pressuring the developing nations on climate action was “not justice”, as he called on the developed nations to set a target of providing at least one percent of their GDP for financing green projects in the developing world. Addressing the G20 Summit Session on ‘Climate Change and Environment’ on Sunday, Prime Minister Modi said that by forgetting climate justice, “we are not only doing injustice to the developing countries, but we are betraying entire humanity”. Without concrete progress on climate finance, pressuring the developing countries for climate action is “not justice”, Modi said. He suggested that the developed countries set a target of providing at least 1 percent of their Gross Domestic Product to finance green projects in developing countries.

Climate Change Climate Developing Climate Finance Developing Countries G20 Modi Target Developed Nations Green Projects Countries India G20 Countries  narendra  climate  set  nations  target  finance  developing  g20  gdp  providing  developed  prime  modi  green  spend  countries  india  projects

History of this topic

India on climate crisis at UN court: Developing nations suffer most
2 weeks, 5 days ago

India on climate crisis at UN court: Developing nations suffer most

India Today  

India slammed developed countries for causing the climate crisis during a landmark hearing at the International Court of Justice on Thursday, saying they exploited the global carbon budget, failed to honour climate-finance promises and are now demanding that developing countries restrict their resource use. Making submissions on behalf of India, Luther M Rangreji, joint secretary in the Ministry of External …

Boost Green Capex With 'Climate Deficit' to Reverse India's GDP Slowdown
3 weeks ago

Boost Green Capex With 'Climate Deficit' to Reverse India's GDP Slowdown

The Quint  

However, in terms of social or political outcomes, inflation is not a statistical idea based on indices rising up from a base year but a lived experience called price rise. Developing countries, especially India, saw a grand failure in the inability of developed countries to sufficiently increase the funding to decelerate climate change. While the COP29 attended by delegates from …

India’s stand against inadequate climate finance at COP29
4 weeks, 1 day ago

India’s stand against inadequate climate finance at COP29

Hindustan Times  

The Conference of Parties 29 climate summit in Baku, Azerbaijan, ended on a dramatic note as negotiators announced a pledge to triple annual climate finance to $300 billion by 2035, with an aspirational target of $1.3 trillion. Therefore, we oppose the adoption of this document.” India’s rejection of the climate finance package came in the face of celebration by developed …

Climate talks end with mere $300 bn pledge
1 month ago

Climate talks end with mere $300 bn pledge

New Indian Express  

The United Nations Climate Change Conference in Baku concluded on Sunday amid high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035 as against the $1.3 trillion sought by developing countries per year until 2030. The process and the amount agreed upon faced strong opposition from India and …

Finance COP fails to offer adequate finance to developing countries for climate action
1 month ago

Finance COP fails to offer adequate finance to developing countries for climate action

Live Mint  

New Delhi: After an extension and over two weeks of intense negotiations, the 29th UN climate change conference or COP29 in Baku finally reached a consensus on a new collective quantified goals on climate finance but disappointed developing countries with only $300 billion per year by 2035 as against a required $1.3 trillion. Onus on developed countries The final draft …

COP29: $300 billion climate deal pushed through despite stiff opposition
1 month ago

COP29: $300 billion climate deal pushed through despite stiff opposition

New Indian Express  

BAKU: The United Nations climate summit in Baku on Sunday concluded amidst high drama with the adoption of a controversial agreement to triple climate finance for developing countries to $300 billion annually by 2035. Chandni Raina, adviser to the Department of Economic Affairs and part of India’s negotiating team, criticised the agreement for failing to address the urgent needs of …

Cop29: The trillion-dollar question that has left climate summit at an impasse
1 month ago

Cop29: The trillion-dollar question that has left climate summit at an impasse

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The New Collective Quantified Goal on Finance, which will fund the climate disaster and prevention-related costs in developing countries, …

India: Set new finance goal on climate justice
Trending News
1 month ago

India: Set new finance goal on climate justice

New Indian Express  

With COP29 negotiations reaching a critical stage, India on Tuesday demanded clear answers from developed countries on the New Collective Quantified Goal for climate finance. Delivering the national statement, Kirti Vardhan Singh, Minister of State in the Ministry of Environment, Forest, and Climate Change, said all NCQG decisions for climate finance must reflect the principles of climate justice and equity. …

Climate finance is central for enabling and implementing climate actions, says India at COP29
1 month ago

Climate finance is central for enabling and implementing climate actions, says India at COP29

Live Mint  

New Delhi: Highlighting four essential aspects of global climate action, Leena Nandan, secretary of the ministry of environment, forest and climate change at COP29 on Monday, said the pre-2030 period is an opportunity to enhance global climate action through climate finance to reduce emissions and meet net zero. It is an opportunity to enhance global climate action,” Nandan said in …

India Voices Concern Over Climate Finance at CoP29 Baku Talks
1 month, 1 week ago

India Voices Concern Over Climate Finance at CoP29 Baku Talks

Deccan Chronicle  

New Delhi: India on Sunday expressed serious concern about the progress by the developed countries to engage in a climate finance and mitigation work programme at CoP29 in Baku, Azerbaijan. However, India asserted that those with the highest capacity to take climate action have continuously shifted goalposts, delayed climate action, and consumed a highly disproportionate share of the global carbon …

India calls out developed countries over stalled progress on climate issues at COP29
1 month, 1 week ago

India calls out developed countries over stalled progress on climate issues at COP29

Live Mint  

New Delhi: At the ongoing 29th Conference of the Parties climate conference in Azerbaijan's capital Baku, India expressed dissatisfaction with the insistence of developed countries to expand the scope of the Mitigation Ambition and Implementation Work Programme from what was agreed upon in the past. India, on behalf of like-minded developing countries, on Thursday said that developed countries need to …

CoP29: India, LMDC flag lack of progress, unwillingness by some parties to engage on finance
1 month, 1 week ago

CoP29: India, LMDC flag lack of progress, unwillingness by some parties to engage on finance

Hindustan Times  

Baku: India and the Like Minded Developing Countries among other developing country parties made statements late on Saturday night during the closing plenary, as week 1 of COP29 came to an end, calling out lack of progress in finance talks. LMDC, a group of around 24 developing countries, including India, also raised the same concerns--that of pressure from developed nations …

COP29: India, developing nations push for fair climate finance
1 month, 1 week ago

COP29: India, developing nations push for fair climate finance

India TV News  

At COP29, India, along with other developing nations, advocated for fair and effective climate finance agreements to support global climate action. Negotiators have pointed out that approximately 69 percent of current climate finance is provided as loans, which can create heavy debt burdens rather than alleviating economic pressures. Pushing for Accountability and Consistency in Climate Funding A focal point of …

India pitches for $1.3 trillion in annual climate support for developing nations
1 month, 1 week ago

India pitches for $1.3 trillion in annual climate support for developing nations

Live Mint  

Intervening on behalf of like-minded developing countries, India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal till 2030. Developing countries require up to $1.5 trillion a year for their unique climate needs and net zero transition, according to various estimates. Also Read: COP29 stresses global …

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare
1 month, 1 week ago

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare

BBC  

'Out of sync': The trillion-dollar climate puzzle that's become a diplomatic nightmare Getty Images As countries negotiate a new global goal to raise climate cash, these five charts show why discussions are so fraught. "Developing countries eager to act are facing many obstacles: scant public finance; raging cost of capital; crushing climate disasters; and debt servicing that soaks up funds," …

Developed countries should walk the talk on climate
1 month, 2 weeks ago

Developed countries should walk the talk on climate

China Daily  

Driven by nations who've already been hit hard by climate change, there's been a growing consensus that global efforts must be intensified to elevate climate ambitions in order to restrict the rise in temperature this century to well below 1.5 C, thus preventing catastrophic irreversibility. They underscore the critical importance of COP29 in Baku, Azerbaijan, where establishing a New Collective …

Developed countries should walk the talk on climate
1 month, 2 weeks ago

Developed countries should walk the talk on climate

China Daily  

Driven by nations who've already been hit hard by climate change, there's been a growing consensus that global efforts must be intensified to elevate climate ambitions in order to restrict the rise in temperature this century to well below 1.5 C, thus preventing catastrophic irreversibility. They underscore the critical importance of COP29 in Baku, Azerbaijan, where establishing a New Collective …

India's push for $1 trillion in climate finance to take centre stage at COP29
1 month, 2 weeks ago

India's push for $1 trillion in climate finance to take centre stage at COP29

India Today  

With just days left until the United Nations Climate Change Conference begins in Azerbaijan, negotiators have yet to clearly outline a deal for a new climate finance goal. India has emphasised that developed nations need to provide at least $1 trillion annually for climate finance, as stated in the G20 New Delhi Declaration. The new financing goal will support developing …

World Bank Supports India's Net Zero Goal with $3Bn
1 month, 2 weeks ago

World Bank Supports India's Net Zero Goal with $3Bn

Deccan Chronicle  

Chennai: The World Bank is supporting India’s transition towards net zero emissions with development policy operations worth $3 billion. The World Bank is supporting this transition with two development policy operations worth $3 billion. The World Bank’s Hydrogen for Development Partnership, founded and supported by the Energy Sector Management Assistance Program, facilitated $1.5 billion in concessional financing in fiscal 2024—the …

Leaders at U.N. urge world’s richest to do more on climate
3 months ago

Leaders at U.N. urge world’s richest to do more on climate

The Hindu  

Developing nations on Monday pleaded at the U.N. General Assembly for the world’s richest to do more to help them cope with the hardships they face from climate extremes. “The vulnerable people of our world are drained by the lip service.” Delivering a similar message on behalf of the Least Developed Country negotiating bloc, Malawi’s climate and natural resources minister, …

India should not be seen as 3rd or 4th-largest GHG emitter due to low per capita emissions: Minister
3 months, 1 week ago

India should not be seen as 3rd or 4th-largest GHG emitter due to low per capita emissions: Minister

The Hindu  

Union Environment Minister Bhupender Yadav on Wednesday said India should not be viewed as the world's third or fourth-largest emitter of greenhouse gases and its low per capita emission should be considered instead. Addressing a session at the Global Renewable Energy Investors Meet and Expo in Gandhinagar, Gujarat, he said India is home to 17% of the world's population, but …

Broken promise
3 months, 2 weeks ago

Broken promise

New Indian Express  

CHENNAI: As the COP29 negotiations draw closer, the climate finance gap between developed and developing nations remains a major hurdle, casting a shadow over the upcoming summit. With less than three months to go, the pressure is mounting on wealthier countries to make good on their promises and agree to a new climate finance goal that adequately supports vulnerable nations …

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report
3 months, 2 weeks ago

India provided more climate funds than many rich nations; US, UK failed to contribute fair share: Report

India TV News  

New Delhi: India contributed USD 1.28 billion in climate finance through multilateral development banks in 2022, surpassing the contributions of many developed countries, according to a new analysis. India provided USD 1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece, Portugal, Ireland and …

UN draft: Developing nations expect trillions for climate mitigation efforts
3 months, 3 weeks ago

UN draft: Developing nations expect trillions for climate mitigation efforts

Hindustan Times  

A draft document on the new climate finance goal, to be negotiated at the UN Climate Conference COP29 in November, indicates developing countries expect contributions in the trillions from developed nations for climate change mitigation efforts. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Largely, the principle lays down that developed countries have contributed more to global greenhouse gas emissions historically and are therefore …

Economic Survey 2023-24: Balancing growth and green goals a tightrope walk for India
5 months ago

Economic Survey 2023-24: Balancing growth and green goals a tightrope walk for India

The Hindu  

India's path to sustainable development is fraught with challenges, as the country grapples with the twin imperatives of meeting burgeoning energy demands and reducing carbon emissions, the Economic Survey 2023-24 revealed on July 22. Tabled in the Parliament, the Survey underscores the complexities of India's green transition, emphasizing the need for a diversified energy portfolio to achieve ambitious growth targets …

Coal to have significant place in India’s diversified energy basket: Eco Survey
5 months ago

Coal to have significant place in India’s diversified energy basket: Eco Survey

Hindustan Times  

India will target a diversified set of sources for energy security with a significant place for thermal power, including coal to provide base load, to minimise risks associated with systems while pursuing low-emission pathways in line with national commitments, said the 2023-24 Economic Survey Union finance minister Nirmala Sitharaman tabled in Parliament on Monday. “This will also include a significant …

Rich vs developing feud at climate financing talks
7 months, 2 weeks ago

Rich vs developing feud at climate financing talks

Hindustan Times  

Major differences are emerging again between rich and developing countries on who should contribute to the new quantified goal on climate finance, according to the Third World Network, an independent non-profit that is tracking the negotiations at Cartagena in Columbia. The primary agenda of the annual UN climate meeting to be held in Baku in Azerbaijan in November would be …

New climate draft seeks tripling of renewable energy capacity
1 year ago

New climate draft seeks tripling of renewable energy capacity

The Hindu  

The latest draft of the Global Stocktake, one of the key documents being negotiated at the UN’s climate summit in Dubai, has linked the tripling of renewable energy capacity with a ‘phase-out’, or a time-bound ending, of the use of fossil fuels. “Tripling renewable energy capacity globally by 2030. ensuring that the increase in renewable energy capacity is strategically implemented …

Fund to compensate developing nations for climate change is unfinished business at COP28
1 year, 1 month ago

Fund to compensate developing nations for climate change is unfinished business at COP28

Associated Press  

NEW DELHI — Sunil Kumar watched helplessly in July as his home and 14 others were washed away by intense monsoon rains lashing the Indian Himalayas. Developing nations had long sought to address the problem, and finally broke through with an agreement at last year’s annual United Nations climate talks, known as COP27, to create what’s known as a loss …

Developed countries to overshoot carbon emissions goal: study
1 year, 1 month ago

Developed countries to overshoot carbon emissions goal: study

The Hindu  

In the run-up to a key global climate summit, an analysis shows that developed countries — responsible for three-fourths of existing carbon emissions in the atmosphere — will end up emitting 38% more carbon in 2030 than they have committed to, going by current trajectories, In fact, 83% of this overshoot will be caused by the United States, Russia, and …

G-20 Summit 2023 | New Delhi Declaration underlines need for more finance to arrest global warming
1 year, 3 months ago

G-20 Summit 2023 | New Delhi Declaration underlines need for more finance to arrest global warming

The Hindu  

The G-20 Leader’s Declaration for the first time formally recognises the quantum jump in finance necessary for the world to transition to a renewable energy economy. The Declaration “.noted the need for USD 5.8-5.9 trillion in the pre-2030 period required for developing countries.as well as USD 4 trillion per year for clean energy technologies by 2030 to reach net zero …

India hopes to lead on climate, but coal still powers its economic growth
1 year, 3 months ago

India hopes to lead on climate, but coal still powers its economic growth

LA Times  

Indian Prime Minister Narendra Modi and President Biden stand on the South Lawn of the White House on June 22 during a ceremony marking Modi’s visit. Modi, who has overseen a rapid expansion of India’s renewable energy industry, has set bold targets to power more of the country with solar, hydrogen and biofuels over the next decade. The contradiction is …

Driving the G20’s climate agenda: Priorities for India’s presidency
1 year, 3 months ago

Driving the G20’s climate agenda: Priorities for India’s presidency

Hindustan Times  

India has assumed the G20 presidency at a critical and opportune time in history, even as the half-yearly report card indicates that consensus-building in the grouping has been more difficult than India may have expected. This brief identifies six areas where India can manifest its capability to lead the building of an effective and plausible climate action plan. The G20 …

India making great efforts in green growth and energy transition: PM Modi
1 year, 5 months ago

India making great efforts in green growth and energy transition: PM Modi

The Hindu  

Prime Minister Narendra Modi on Saturday, July 22, 2023, said India is making great efforts in green growth and energy transition, and asserted that the country is moving ahead strongly on its climate commitments. Addressing via video link the G20 Energy Ministers' Meeting, which is currently underway in Goa, Mr. Modi also said that India has shown leadership in climate …

World Bank Approves $1.5 billion Financing for India's Zero Carbon Mission
1 year, 5 months ago

World Bank Approves $1.5 billion Financing for India's Zero Carbon Mission

Deccan Chronicle  

New Delhi: Supporting India's zero carbon mission, World Bank on Friday said that it approved $1.5 billion in financing to accelerate the country's development of low-carbon energy. The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments. "The programme will support the successful implementation of the …

Over-emitting nations owe India $1,446 per capita until 2050 as climate compensation: study
1 year, 6 months ago

Over-emitting nations owe India $1,446 per capita until 2050 as climate compensation: study

The Hindu  

Economically developed countries such as the U.S. and Germany are responsible for 90% of the excessive carbon dioxide emissions and could be liable to pay a total of $170 trillion as compensation to low-emitters like India to ensure climate change targets are met by 2050, says a a new study. `Net zero’ by 2050 The researchers, from the University of …

Countries must be allowed to prepare own plans for Sustainable Aviation Fuel: India
1 year, 6 months ago

Countries must be allowed to prepare own plans for Sustainable Aviation Fuel: India

The Hindu  

India on May 31 asserted that global mandates for Sustainable Aviation Fuel with 2050 as the target year was “too early” and that each State must be allowed to develop its strategy as per its national plans. It also sought support from the U.N. Aviation watchdog ICAO to achieve carbon net zero goals alongside other priorities in the aviation sector …

G7 urges major economies: Net zero by 2050, emissions peak by 2025
1 year, 7 months ago

G7 urges major economies: Net zero by 2050, emissions peak by 2025

Live Mint  

The G7 nations have called on major economies, such as India and China, to make a commitment to achieve net zero emissions by 2050 and reach the peak of their emissions by 2025, as reported by PTI. "We call on all Parties – especially major economies – whose 2030 NDC targets or long-term low GHG emission development Strategies are not …

Business Matters | Why is the rising cost of coal-fired power plants good news for India?
1 year, 7 months ago

Business Matters | Why is the rising cost of coal-fired power plants good news for India?

The Hindu  

Why is the rising cost of coal-fired power plants good news for India? It said that achieving net zero – which India aims to reach by 2070 – will require adjustments to how people live, work, and move around—and some of these changes will be costly. First, India expects to increase investments in coal-fired power plants to help power economic …

Rich nations must scale up emission cuts: India at meet
1 year, 8 months ago

Rich nations must scale up emission cuts: India at meet

The Hindu  

April 15, 2023 02:12 pm | Updated April 16, 2023 12:22 am IST - New Delhi Meeting the global target of achieving net zero emissions by 2050 will require developed nations to scale up their emission reduction efforts, India said at the G7 Ministers Meeting on Climate Energy and Environment in Japan's Sapporo on Saturday. This will create opportunities for …

Countries historically responsible for climate change cannot stall India's development, says Environment Minister
1 year, 8 months ago

Countries historically responsible for climate change cannot stall India's development, says Environment Minister

The Hindu  

India is moving towards renewable energy but countries historically responsible for climate change cannot ask it to stop its development, Union Environment Minister Bhupender Yadav said on March 28. Countries historically responsible for climate change cannot decide how India uses its resources to fulfil the energy needs of its population, he said. However, at 2.4 tCO2e, India's per capita greenhouse …

Going green: The Hindu Editorial on Budget 2023’s and India’s net-zero commitment
1 year, 10 months ago

Going green: The Hindu Editorial on Budget 2023’s and India’s net-zero commitment

The Hindu  

Finance Minister Nirmala Sitharaman’s latest Budget is noteworthy for the emphasis she has laid on the government’s commitment to move towards net-zero carbon emission by 2070. As an article presented at the World Economic Forum’s Annual Meeting in Davos last month notes, India holds the key to hitting global climate change targets given its sizeable and growing energy needs. Energy …

Sustainability is a key focus area for India at G20
1 year, 10 months ago

Sustainability is a key focus area for India at G20

Hindustan Times  

India assumed the G20 presidency on December 1, 2022, marked by hope, dreams, and aspirations. These efforts are helping India meet its needs while contributing to global efforts at reducing CO2 emissions India remains one of the fastest-growing economies in the world. As per the new NDC, India is committed to reducing the emissions intensity of its Gross Domestic Product …

Net Zero by 2070: In Big Push for Green Growth, India Sets Aside Rs 35,000 Cr for Energy Transition in Budget
1 year, 10 months ago

Net Zero by 2070: In Big Push for Green Growth, India Sets Aside Rs 35,000 Cr for Energy Transition in Budget

News 18  

As the race to Net Zero gathers pace, India on Wednesday announced that it has set aside priority capital investment of Rs 35,000 crore towards energy transition as well as energy security. Reiterating the government’s commitment to climate action, Finance Minister Nirmala Sitharaman listed ‘Green Growth’ as one of the seven big priorities along with infrastructure and investment, financial sector, …

Global finance critical to India's climate actions, says chief economic adviser
1 year, 10 months ago

Global finance critical to India's climate actions, says chief economic adviser

Hindustan Times  

India will stick to its global commitments on containing the climate crisis, seen most notably in its ambitious targets on clean energy transition to reduce its dependence on burning fossil fuels, according to Economic Survey 2022-23 tabled in Parliament on Tuesday. “Hence, India currently spearheads one of the most robust climate actions through its Nationally Determined Contributions, which includes an …

Economic Survey 2022-23 | India needs global finance to achieve climate goals
1 year, 10 months ago

Economic Survey 2022-23 | India needs global finance to achieve climate goals

The Hindu  

For India to meet its international “obligations” on curtailing greenhouse gas emissions, it must have access to “on-time” climate finance, technology, and access to critical minerals. Advanced economies ought to set examples of policy and “behavioural changes” that work in their countries and only then could they be emulated in developing countries, the Economic Survey said on Tuesday in a …

Achievements in renewables strengthened resolve for Net Zero by 2070: President
1 year, 10 months ago

Achievements in renewables strengthened resolve for Net Zero by 2070: President

Deccan Chronicle  

NEW DELHI: President Droupadi Murmu on Tuesday said India has achieved the target of making 40 per cent of its electricity generation capacity from non-fossil fuel sources, a success that has strengthened the resolve to achieve Net Zero by 2070. In her maiden address to the joint sitting of Parliament marking the beginning of the Budget Session, Murmu said India …

Developed world hasn't acted on $100bn/year climate finance pledge; multilateral financial bodies need to be transformed: Amitabh Kant
1 year, 10 months ago

Developed world hasn't acted on $100bn/year climate finance pledge; multilateral financial bodies need to be transformed: Amitabh Kant

The Hindu  

India's G20 sherpa Amitabh Kant on January 30 said the developed world has not helped the developing countries with $100 billion of climate finance per year, despite committing to it way back in 2009. Explained | All about the G20: History of the forum and India’s presidency "If India has to go for climate change, the developed world has to …

India’s G20 Presidency: Prioritising Climate and Sustainable Development through Indian Culture
2 years ago

India’s G20 Presidency: Prioritising Climate and Sustainable Development through Indian Culture

News 18  

On 1 December 2022, India formally took over the presidency of the Group of 20 countries — which rotates annually between members — constituting the most powerful intergovernmental forum, known as G20. According to the Ministry of External Affairs, under the G20 Presidency, India plans to focus on the following areas — women’s empowerment, digital public infrastructure, health, agriculture, education, …

COP27 and the ambiguity about responsibility
2 years ago

COP27 and the ambiguity about responsibility

The Hindu  

This year, at COP27 in Egypt, a dizzying array of topics was on the table for discussion — from the more familiar emissions reductions to the more detailed rules to govern carbon markets. And as scientists today are able to attribute these events to climate change, and derivatively, to greenhouse gas emissions, developing countries maintain that developed countries should inherit …

Discover Related