This year’s 29th United Nations Climate Change Conference, or COP29, assumes particular significance for India as negotiators are hoping to establish a new climate finance goal dubbed the new collective quantified goal on climate finance or NCQG.
India is among the nations pushing to raise the earlier annual global climate finance goal that high-income countries should pay to lower-income countries from $100 billion to $1 trillion by 2030.
Climate experts in the country hope that with its climate vulnerabilities, India will receive more funding after this goal is established but there is pressure from developed nations to expand the list of donors, potentially making India a contributing country rather than a recipient.