India's COP29 Expectations: Equity, Finance, Adaptation

Baku (Azerbaijan), Nov 12 (PTI) Outlining its core expectations from the COP29 in ways that respect the unique needs of developing countries, India on Tuesday said it is expecting carbon market mechanism “without creating barriers to trade” and a recalibration of climate finance under the new Goals.

India and more than 190 other countries have gathered at this Azerbaijan capital for the annual climate negotiations, COP29, under the United Nations Framework Convention on Climate Change (UNFCCC).

Highlighting India's approach, official sources emphasised the commitment to the principle of Common but Differentiated Responsibilities (CBDR), underscoring that developed nations, as historical emitters, should take the lead in mitigation efforts and climate finance.

India's priorities at COP29 include adequate financial support for developing nations, especially for adaptation efforts, and ensuring a fair and equitable approach in all climate negotiations.

One of India's primary expectations is a recalibration of climate finance under the New Collective Quantified Goal (NCQG), sources said.

The NCQC, which expects rich nations to contribute climate finance annually for climate action projects in poor countries, is a prime focus area for COP29.

India has been a vocal advocate for adequate and accessible climate finance that supports adaptation for vulnerable communities in the Global South, and the sources emphasised the need for COP29 to rebalance the focus of climate finance.

“We envision COP29 as an opportunity to advance key issues that align with our national priorities,” sources said, pointing to sustainable development, balanced climate action, and resilience-building as core objectives.

While much attention has been on mitigation investments, India stressed that discussions at COP29 should highlight adaptation needs for vulnerable communities, and finance must be “adequate, predictable, accessible, grant-based, low-interest, and long-term.”

On carbon markets under Article 6 of the Paris Agreement, India hopes for the establishment of market mechanisms that use carbon credits to incentivise low-carbon development without creating barriers to trade, sources said.

In a landmark decision on the first day of the global climate talks here on Monday, COP29 officially adopted the new operational standards for a mechanism of the Paris Agreement under Article 6, setting the stage for a global carbon market.

Article 6, which is part of the carbon credits, allows countries to emit greenhouse gases that warm the planet if they offset it elsewhere through various measures, including large scale forest plantations.

Another focus area is the call for a fair, just, and nationally determined energy transition, the sources said.

For India, COP29 should recognise that energy transitions must not impose undue obligations but instead should provide support for developing countries to reach their energy goals in a fair and tailored manner, the source added.

India also expects COP29 to drive more substantial commitments on adaptation and resilience-building, with special attention to agriculture, water resources, and urban infrastructure.

India's high vulnerability to climate impacts such as floods, droughts, and extreme heat is a strong motivator, and the country views COP29 as a platform to enhance support for adaptation targets under the global adaptation goal, sources added.

Addressing “loss and damage” financing also remains high on India's agenda, with expectations for tangible commitments from developed countries to finance the adverse impacts of climate events on vulnerable communities, the sources highlighted that any mechanism agreed upon at COP29 should prioritise technology transfer and closing financing gaps to ensure the effective participation of developing nations.

India remains committed to engaging in collective climate action and calls on developed nations to intensify their climate goals and the COP29, officials said, represents a critical opportunity to uphold principles of equity and build pathways for inclusive and fair global climate solutions.