Climate Finance

India plans final refinery expansion as electric vehicle era looms

This comes even as New Delhi is struggling to strike a balance between rapidly adopting EV and bolstering energy security by taking recourse to affordable and more reliable transport fuels

India slams developed countries for climate crisis at ICJ hearing

India home of about 17.8% of global population, its contribution to climate change less than 4%, said JS, MEA Luther M Rangrezi to ICJ

Trafigura bets on carbon-credit market rebound amid new regulations

At the same time, regulators in Europe, the US and Asia have come around to the view that many companies won't be able to report net zero emissions by mid-century without access to a functioning

Expressed 'deep disappointment' at EU's unilateral green regulations: Goyal

Union Minister Piyush Goyal on Thursday expressed India's "deep disappointment" with the European Union's "unilateral" green economy regulations, stating they are unfair and violate the principle of "common but differentiated responsibilities". Under the proposed EUDR, operators or traders placing specified commodities on the EU market or exporting them must prove their products do not come from recently deforested land or contribute to forest degradation. Carbon Border Adjustment Mechanism (CBAM) are tariffs that will apply on energy-intensive goods imported into the European Union (EU). India has concerns that the CBAM could result in higher tariffs on imports of carbon-intensive goods like cement, aluminium, iron, and steel from India, acting as a unilateral trade barrier. Addressing a press conference here, the commerce and industry minister said he raised the issue with his French counterpart during talks held a day earlier. On Wednesday, Goyal held discussions with Sophie ...

Rich nations fail to meet climate goals, study reveals worsening outlook

Investors largely agree that climate risks aren't fully priced into markets, and academics are now studying what they're calling the climate-sovereign debt doom loop to calculate the potential costs

COP29: Innovation, not funding, holds the key to tackling climate change

Policymakers are missing a key point - there are few new and scaled-up technology solutions to mitigate climate change

Wealthy countries back raising COP29 climate deal to $300 billion

The summit had been due to finish on Friday but ran into overtime as negotiators from nearly 200 countries

COP29 Climate Summit: Climate finance draft sets stage for a clash

The final version not only keeps the role of public financing ambiguous but also tries to put the burden of making contributions on developing countries

New global climate finance draft poses challenges for developing world

Latest version of the Global Climate Finance plan fails on most counts to meet India and other developing countries' demands or expectations

India drops 2 places but remains among top 10 climate performers: Report

India remained in the top 10 on a list of 63 countries assessed for efforts to combat climate change, despite dropping two spots compared to an year ago, thanks to its low per-capita emissions and rapid deployment of renewables, a report said on Wednesday. The Climate Change Performance Index (CCPI 2025) -- published by think tanks Germanwatch, New Climate Institute, and Climate Action Network International -- tracks the progress of the world's largest emitters in terms of emissions, renewables, and climate policy. The 63 countries, along with the European Union, assessed in the CCPI are responsible for 90 per cent of global emissions. India ranks 10th in this year's CCPI, remaining among the highest performers. The CCPI report, however, noted that significant changes in India's climate policy are unlikely. The growth-oriented approach to climate action is expected to continue or intensify, driven by rising energy demand from industry and the growing population, it said. The repor

COP29: India asks rich nations to keep climate adaptation commitments

India has called on developed countries to step up their support for climate adaptation in developing countries, saying the growing frequency and intensity of extreme weather events is putting the survival of people, especially in poor nations, at risk. Speaking at a high-level ministerial dialogue on adaptation on Tuesday, India highlighted that the developing world is disproportionately suffering from the impacts of climate change, which are largely the result of historical emissions by developed countries. The increasing frequency and intensity of extreme weather events are adversely affecting the lives and livelihood of those in the developing world, putting their very survival at risk, Indian negotiator Rajasree Ray said. India recalled that the UAE framework for global climate resilience adopted at COP28 last year emphasises the urgent need for enhanced support from developed countries. This mobilisation should go beyond the previous efforts, supporting the country driven ...

EU softens stand on major sticking point in Baku UN climate talks

The European Union on Monday urged "wealthier high-emitting" developing nations to voluntarily contribute to climate finance, signaling a shift from its earlier position that had stalled progress in the UN climate talks. Securing a new climate finance package to help developing countries reduce emissions and adapt to climate change is the top priority of this year's UN climate talks. Developing nations need at least USD 1.3 trillion annually to tackle worsening climate impacts. The EU and some developed countries argue that such a large sum can only be achieved if "wealthier high-emitting" developing nations, like China and Gulf states, also contribute. However, this proposal has been a major sticking point, as many developing countries view it as an attempt to shift responsibility away from those who historically benefited from industrialization. European Commissioner for Climate Action, Wopke Hoekstra, suggested a compromise on Monday, proposing voluntary contributions from these

India asks developed nations to remove barriers to technology transfer

India on Monday called on developed countries to remove barriers to technology transfer, increase public climate finance, and avoid unfair trade measures disguised as climate action. The appeal came during a high-level ministerial roundtable on pre-2030 ambition at the UN climate talks in Baku. India's environment secretary Leena Nandan also urged rich nations to take the lead in cutting emissions and achieving net-zero by 2030. This is essential to build a stronger, sustainable future, she said. The official said that innovative technologies are critical for a low-carbon future but said they must be made accessible to developing countries. Developing countries need solutions like clean energy and carbon removal, but barriers like intellectual property rights make it hard for them to access these technologies, Nandan said. COP29 should come up with practical solutions to make technology affordable, adaptable, and relevant for developing countries, she added. India asked develope

COP29: India, developing world face EU resistance to climate finance

A new NDC, which forms the basis of climate finance, must be submitted by next February, according to the UN Framework Convention on Climate Change (UNFCCC)

Developing nations need $1 trn a year by 2030: Climate finance group

Negotiators at the UN climate conference in Azerbaijan should focus on mobilising USD 1 trillion per year by 2030 to help developing countries cope with the warming world, a new report the Independent High-Level Expert Group on Climate Finance said on Thursday. This money, according to the group of international climate finance experts, is needed from public and private sources. As countries negotiate at COP29 a new climate finance package to support developing countries beyond 2025, the report cautions against the risks of delayed action. Any shortfall in investment before 2030 will place added pressure on the years that follow, creating a steeper and potentially more costly path to climate stability," Failing to invest sufficiently now, it warns, "Means we will need to mobilise even larger sums in shorter time frames to catch up on critical targets." The report said global climate action requires USD 6.36.7 trillion annually by 2030, with USD 2.4 trillion per year needed ...

A 34-page complex climate finance draft sparks concern in COP29 summit

An overly lengthy 34-page draft on a new climate finance goal emerged on the third day of the UN climate talks in Azerbaijan's Baku on Wednesday, but the text is filled with repetitions and duplications, making it difficult to work with. While it includes all the elements everyone wanted, there is growing concern as three days have already passed with little progress. Observers say all negotiating groups have now asked the co-facilitators to condense the document to make it more manageable. The G77 and China group requested the co-chairs to organise the draft text by themes and not add new ideas to it. There were three options for structuring the climate finance goal in the draft framework prepared in October by the co-chairs of the Ad Hoc Work Programme on the New Collective Quantified Goal (NCQG). The new draft now presents 13 sub-options too. The new finance text is expected to include the same options for the goal as the previous two drafts. One of the options is a specific dol

COP29: India, other developing nations demand fair climate finance pledges

India, as part of the Like-Minded Developing Countries bloc, stood firm in calling for equitable financial support from developed nations at the ongoing COP29 climate negotiations, multiple sources from the grouping said here. Concerns were also raised that nearly 69 per cent of reported finance came in the form of loans adding burdens on the already vulnerable countries. At the annual climate talks, India negotiates in key groupings such as the Like-Minded Developing Countries (LMDCs), G77 and China, and BASIC (Brazil, South Africa, India, and China), where it aligns with other developing nations to advocate for climate finance, equity, and technology transfer. On Tuesday, G77 and China -- the largest bloc representing around 130 countries at the UN climate talks -- rejected the draft text of a framework for negotiating a new climate finance goal. The New Collective Quantified Goal (NCQG) is the central issue at this year's climate summit, the 29th Conference of Parties (COP29) to

COP29 kicks off; host asks nations to resolve differences on finance goal

Azerbaijan, the host of this year's UN climate conference, called on all countries on Monday to urgently resolve outstanding issues to agree on a new climate finance goal to help developing nations combat and adapt to climate change. Delivering his remarks at the opening ceremony of the UN summit, COP29 President Mukhtar Babayev said current policies are leading the world towards 3 degrees Celsius of warming, which would be catastrophic for billions of people. He said that the COP29 Presidency's top priority is to find consensus on a fair and ambitious New Collective Quantified Goal (NCQG), or new climate finance goal, to replace the previous goal of USD 100 billion per year agreed in 2009. Babayev emphasized that the NCQG must be effective and adequate to address the scale and urgency of the problem. Negotiations have seen some progress but a lot of work is left, with just 12 days to land the deal. Countries now urgently need to finalise the elements, resolve differences on ...

India to push for accountability, fair financing, green credit at COP29

India's approach at COP29 focuses on accountability, green credit, fair financing, and incremental goals for its developing economy, multiple delegates said on Monday as the latest edition of the world's most important meeting on climate change kickstarted here. The 29th session of the climate change conference of parties (COP29) is being held from November 11-22 in Baku, the capital of Azerbaijan. While moderate in terms of attendance and scale, India's primary priorities at the conference are expected to include holding developed nations accountable for climate finance, enhancing resilience for vulnerable communities, and advancing an equitable energy transition, a delegate said. Another focus area for India would be to promote green credit and the LiFe (Lifestyle for Environment) philosophy towards sustainability, another delegate said. A member of the delegation said that India's COP29 strategy is expected to challenge developed nations on the gaps in fulfilling climate pledges

ADB boosts climate finance after US, Japan give first sovereign guarantees

The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030