India eyes grants, loans for Global South at COP29

India plans to leverage its climate commitments to pitch for grants and concessional loans, instead of investments for the Global South, at the upcoming climate negotiations in Baku, two people aware of the matter said.

- Puja Das

This comes when the global loss and damage fund operationalised at COP28 failed to gain traction. "Our position is grant-based and concessional finance in terms of NCQG (new collective quantified goal, or climate funding target for developing nations). India's stance would be to get as much of grant and concessional loan as possible," the first of the two people cited above said on condition of anonymity. "We don't want big figures as investment in NCQG, but they (developed nations) want to push for investment."