COP30: India stresses equitable, predictable, concessional climate finance as cornerstone

Belem [Brazil], November 8 (ANI): India's consistent commitment to climate action based on equity, national circumstances and the principles of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) is intact, Ambassador of India to Brazil Dinesh Bhatia said as he delivered India's National Statement at the Leaders' Summit of the CoP30.

India has reaffirmed its commitment to equitable climate action at the Leaders' Summit held on Friday. India asserted that equitable, predictable, and concessional climate finance remains the cornerstone for achieving global climate goals.

The 30th Conference of the Parties (CoP30) to the UN Framework Convention on Climate Change (UNFCCC) will take place in Belém, Brazil, from November 10 to 21.

India thanked Brazil for hosting CoP30 on the 10th anniversary of the Paris Agreement and recalled the 33-year legacy of the Rio Summit.

India's statement, delivered on Friday, noted that this is an opportunity to reflect on the global response to the challenge of climate change.

"It is also an opportunity to celebrate the legacy of the Rio Summit, where the principles of equity and CBDR-RC were adopted, laying the foundation for the international climate regime, including the Paris Agreement," India's Ministry of Environment, Forest and Climate Change said in their statement.

India welcomed Brazil's initiative to establish the Tropical Forests Forever Facility (TFFF), recognising it as a significant step towards collective and sustained global action for the preservation of tropical forests, and joined the Facility as an Observer.

Highlighting India's low-carbon development path under the leadership of Prime Minister Narendra Modi, the statement emphasised that between 2005 and 2020, India reduced the emission intensity of its GDP by 36 per cent, and this trend is expected to continue.

Non-fossil power now accounts for over 50 per cent of India's installed capacity, enabling the country to reach the revised NDC target five years ahead of schedule, it noted.

The statement further underscored India's expansion of forest and tree cover, as well as the additional carbon sink of 2.29 billion tonnes of carbon dioxide equivalent created between 2005 and 2021. Additionally, it highlighted India's emergence as the world's third-largest producer of renewable energy, with nearly 200 GW of installed renewable capacity.

Further, global initiatives like the International Solar Alliance now unite over 120 countries and promote affordable solar energy and South-South collaboration, it added.

India emphasised that after 10 years of the Paris Agreement, NDCs of many Nations fall short, and while developing countries are taking decisive climate action, global ambition remains inadequate.

The statement highlighted that, given the rapid depletion of the remaining carbon budget, developed countries must accelerate emission reductions and deliver the promised, adequate and predictable support.

It was emphasised that access to affordable finance, technology, and capacity-building is essential for implementing ambitious climate targets in developing countries.

"India demonstrated readiness to collaborate with other nations to implement solutions and transition to sustainability in ways that are ambitious, inclusive, fair and equitable, based on the principles of CBDR-RC and national circumstances," the ministry said.

Reaffirming its commitment to multilateralism and towards preserving and safeguarding the architecture of the Paris Agreement, India called on all nations to ensure that the next decade of climate action is defined not only by targets but by implementation, resilience, and shared responsibility based on mutual trust and fairness.

The COP meets every year, unless the Parties decide otherwise. The first COP meeting was held in Berlin, Germany, in March 1995. The COP meets in Bonn, the seat of the secretariat, unless a party offers to host the session.

At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.

India also aims to reduce the emissions intensity of GDP by 45 per cent and is committed to net-zero emissions by 2070.

India's ambitious renewable energy initiatives are on track, and the country is currently leading the pack in South and Southeast Asia. According to a report by S&P Global Ratings released in October, India has made significant progress in renewable capacity additions, outpacing coal. (ANI)

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