Only 4-5% of USD 1.3 trillion COP30 climate finance target achieved so far: CEEW expert

New Delhi [India], September 3 (ANI): The global funding target set for COP30 is far behind schedule with only 4-5 per cent of the promised USD 1.3 trillion achieved so far, according to Vishwas Chitale, Fellow, Climate Resilience, Council on Energy, Environment and Water (CEEW).

In an exclusive interview to ANI, Chitale stressed that the target of USD 1.3 trillion is crucial for climate action, yet progress has been slow.

"Around 4-5 per cent of the target of 1.3 trillion dollar is achieved. We are really lagging behind the target. All the developing countries are supposed to contribute by 2030," he said, adding that if COP30 puts in more effort, the goal is still achievable.

He highlighted that the momentum of climate finance remains largely dependent on developed countries, which have been the main contributors so far.

"There is funding from developed countries for developing countries. Developing countries should stand for their commitments," he pointed out, highlighting the importance of shared responsibility.

Chitale explained that COP30 is focused not only on finance but also on broader synergies, including Rio synergies, climate action, and community resilience.

"As a whole we can improve the land use and land cover practices. The main agenda is how COP30 delivers on the climate finance of 1.3 trillion dollars and can we see some action happening on that," he said.

He also recalled that some progress was seen on the loss and damage fund initiated in COP27, particularly at the Dubai COP. However, he stressed that much more needs to be done to translate commitments into action, especially to meet the 2030 target.

On India's role, he noted that the country has emerged as a strong voice for the Global South, leading negotiations on loss and damage, adaptation finance, and resilience.

"India has definitely having a lots of voice for global south and it can definitely lead some negotiations from developing countries point of view," he said.

He pointed out that under India's leadership, the Coalition for Disaster Resilient Infrastructure (CDRI) has been formed, which is doing excellent work across developing countries by building strong networks.

He also praised the Prime Minister's ten-point agenda on disaster reduction and the Mission Life initiative, describing them as "excellent steps" that guide agencies to act decisively.

Chitale concluded that more events and awareness are needed to accelerate climate action and funding. "It has a lot to deliver on that," he said, referring to COP30's responsibility to ensure progress on the climate finance target and resilience building. (ANI)

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