$1.3 trillion needed for developing countries

India at UN climate talks

India on Thursday said developed countries must commit to providing at least $1.3 trillion each year until 2030 to developing nations and that the new climate finance package being negotiated at the UN climate conference in Azerbaijan cannot become an "investment goal".

Speaking on behalf of the Like-Minded Developing Countries (LMDC) at the sixth High-Level Dialogue on Climate Finance at COP29, India emphasised that this support for developing countries to cope with the warming world should come through grants, concessional financing and non-debt-incurring aid.