India Denies Climate Finance as ‘Investment Goal’

• India denies that climate finance, which incentivizes renewable energy adoption, should not be seen as an investment goal by developed countries.

• India’s lead negotiator, Naresh Pal Gangwar, stated that climate finance is a unidirectional provision and mobilisation goal from developed to developing countries.

• The Paris Agreement clearly states that developed countries are responsible for providing and mobilising climate finance.

• The New Collective Quantified Goal on Climate Finance (NCQG) is a key focus of negotiations.

• The existing estimate was to mobilise $100 billion annually from 2020-2025, but was fulfilled in 2022.