Sharm el-Sheikh:&nbsp;Developing countries, including India, have flagged that they would need $6 trillion to $11 trillion till 2030 to meet their climate action targets, but their rich counterparts in the developed world have collectively not even brought $100 billion to the table so far despite making the promise to do so 13 years ago.
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The issue was raised at a high-level ministerial dialogue on &lsquo;new collective quantified goal&rsquo; (NCQG) at UN climate talks (COP27) where India intervened on behalf of the like-minded developing countries (LMDC) group on Wednesday evening.
&ldquo;Clearly, the need for climate finance is immense even when estimates have not completely captured the identified needs, especially that for adaptation,&rdquo; said India, while flagging how even the commitment of $100 billion made in 2009 by developed countries was not only miniscule, given the scale of needs, but that too had not been achieved yet.
As far as India is concerned, it has been implementing its climate action plans, submitted under the Paris Agreement, through its own finance and budgetary support.
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LMDC is a climate negotiation group of 25 developing countries, including India, China, Pakistan, Bangladesh, Nepal, Bhutan, Sri Lanka, Indonesia and Egypt. They together represent more than 50% of the world&rsquo;s population. The group clearly stated during the ministerial dialogue that if ambitious climate targets have to be achieved, these need to be backed by intentions reflected by ambitious, appropriate, and reasonable access to financial resources by developing countries.
Noting that climate targets of nations&mdash; called nationally determined contributions (NDCs) &mdash; are at the heart of the Paris Agreement and the achievement of its long-term goals, the group said, &ldquo;Climate actions to meet the NDC targets require financial, technological, and capacity-building support from developed countries. The ambitious goal set down by the developing countries requires substantive enhancement in climate finance from the floor of $100 billion per year.&rdquo;

West's $100bn fund vow not met: India

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