India urges $1.3 tn annual climate grant

Intervening on behalf of like-minded developing countries (LMDCs), India said that developed countries need to commit to provide and mobilise at least $1.3 trillion every year in the New Collective Quantified Goal (NCQG) till 2030.

- Puja Das

It should be through grants, concessional finance and non-debt-inducing support that cater to the evolving needs and priorities of developing countries, without subjecting them to growth-inhibiting conditionalities in the provision of finance, India said in an official statement.

This comes as extreme weather events have become frequent and increasingly strong, affecting especially the Global South, which calls for heightening ambitions on climate action.