India calls for hike in climate finance to $1trillion

What is the news?

At the ministerial meeting of the Like-Minded Developing Countries (LMDC), India has said that climate finance cannot continue at the levels decided in 2009 and emphasised that it should be at least $1 trillion to meet the goals of addressing climate change.

The ministerial meeting of LMDC was hosted by Bolivia.

What are Like-Minded Developing Countries (LMDC) groups?

LMDC is a group of developing countries who have organised themselves as block negotiators in international organizations such as the United Nations and the World Trade Organization. They represent more than 50% of the world’s population.

Member countries: LMDC comprises around 25 developing countries from Asia and other regions.It includes countries like India, China, Bolivia among others.

What are the key sticking points between Developed and Developing countries?

– Climate finance, loss & damage and adaptation finance: Developed nations failed to deliver on the promise to mobilise $100 Bn per year by 2030.

– Common timeframes for operationalisation of national commitments under the Paris Agreement has not been finalised.

– Carbon market (Article 6 of Paris Agreement)

– Transparency Frameworks for implementation of Paris Agreement

Source: This post is based on the article “India calls for hike in climate finance to $1trillion” published in The Hindu on 11th November 2021.