- On November 11, the Annual United Nations Climate Change Conference (COP29) began in Baku, Azerbaijan.
- The two-week-long event, called the ‘Finance COP’, will focus on securing a new climate finance target for countries most vulnerable to climate impacts.
- For India and the global South, access to finance, technology and energy resources remains critical to meeting climate goals and protecting communities on the frontlines of climate change.
- So far, India has played a key role in shaping the global climate finance framework to provide immediate financing needed for mitigation and adaptation efforts.
- India will seek to achieve a new Collective Quantified Target (NCQG) for climate finance at Baku, beyond the old $100 billion annual target set in 2009.
The Economic Survey of India 2023-24 indicates that India will need about $2.5 trillion by 2030 to meet its commitments under the Paris Agreement