India calls for a boost in adaptation finance

NEW DELHI: While India is currently funding its adaptation needs from domestic sources, the county would need a capital of $854.16 billion to develop adaptation measures, it said during a high-level ministerial dialogue on climate change adaptation at COP29.

- Jayashree Nandi

"Adaptation financing has been primarily from domestic resources. We are currently developing our National Adaptation Plan. In our Initial Adaptation Communication submit-ted to the UNFCCC last year, we outlined that the requirements for building adaptation capital could rise to about $854.16 billion. Clearly, a significant boost in adaptation finance flows is essential," India's lead negotiator said, underlining that the New Collective Quantified Goal (NCQG) needs to address slow disbursements, lack of flexibility to adapt to changing requirements, and complex approval procedures.