India has called on the Global South to unite in demanding a robust new climate finance goal at the upcoming UN climate change conference, COP29, in Baku, Azerbaijan. Union Environment Ministry Secretary Leela Nandan emphasised the importance of securing firm commitments to combat global warming and ensure climate justice during her address at the third Voice of Global South Summit.

The UN climate conference in Baku is set to focus on financial support for middle-income and low-income countries as they tackle climate change. A critical aspect of the discussions will be the New Collective Quantified Goal (NCQG), which is the updated financial target that developed nations are expected to mobilise annually from 2025 to support climate action in developing countries.

However, achieving consensus on this goal may prove challenging, given the slow progress on climate finance commitments during the mid-year UN climate talks in Germany. Developed countries have yet to fulfil their pledge of providing USD 100 billion annually to help developing nations address climate change. Nandan highlighted that the new climate finance goal must reflect the actual needs of these countries.

“The new climate finance goal should align with the estimates of the Standing Committee on Finance, which range from USD 5.8 trillion to USD 11.5 trillion by 2030,” Nandan said. These funds are deemed necessary to help developing nations meet their climate targets as outlined in their Nationally Determined Contributions (NDCs) and other related commitments.

India also stressed that developed countries must be reminded of their responsibilities to support the Global South in conservation and restoration efforts, as agreed upon in the Kunming-Montreal Global Biodiversity Framework.

The Baku conference will be a crucial moment for world leaders to finalize the NCQG and make strides toward meaningful climate action, especially for the Global South, which continues to bear the brunt of climate change impacts.