India urged industrialized nations on Monday to raise public climate finance, remove obstacles to technology transfer, and refrain from unfair trade practices cloaked in climate action.
High-level ministers made the appeal during a roundtable discussion on pre-2030 ambition at the UN climate talks in Baku.
Leena Nandan, India’s environment secretary, also called on wealthy countries to lead the way in reducing emissions and reaching net-zero by 2030.
She asserted that this is necessary to create a more robust and sustainable future.
Innovative technologies are essential for a low-carbon future, according to the official, but developing nations must have access to them.
According to Nandan, developing nations require solutions like carbon removal and renewable energy, but they find it difficult to obtain this technology due to obstacles like intellectual property rights.
She went on to say that COP29 should find workable ways to make technology accessible, flexible, and useful for developing nations.
India urged wealthy nations to bridge the enormous climate funding gap that is impeding developing nations’ efforts to combat climate change.
“Trillions of dollars are needed for clean energy projects, disaster-resilient infrastructure, and climate adaptation… It should be ensured that that deviation from least-cost development pathways committed by developing countries is fully met through public finance by developed countries.
“Not doing so puts additional cost on people in developing countries, bearing a disproportionate burden of climate change without having caused the problem,” Nandan said.
Additionally, India voiced significant opposition to unilateral trade policies such as the Carbon Border Adjustment Mechanism (CBAM) of the European Union, claiming that it unfairly transfers the costs of climate action to developing countries.
Nandan cautioned that these actions harm global collaboration and increase the financial burden on underdeveloped nations.
Last month, Finance Minister Nirmala Sitharaman referred to CBAM as “unilateral and arbitrary” and stated that such actions might hurt India’s industry and upset the equilibrium of global commerce.
The Centre for Science and Environment, a research tank based in Delhi, claims that CBAM will levy an extra 25% tax on carbon-intensive products that are shipped from India to the EU. This tax burden would amount to 0.05 percent of the nation’s gross domestic product.
India also emphasized the possibility that global emissions may peak by 2030, given that the 2024 NDC synthesis report predicts that emissions will be 2.6% lower in 2030 than they were in 2019.
If all nations cooperate, this is possible. However, it stated that in order for this to occur, developing countries must have access to funding, technology, and assistance for capacity-building.
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