“Developed countries had taken a commitment in 2009 to mobilise $100 billion per year by 2020 for climate action by developing countries.
Developed economies, led by the US, pledged $100 billion climate financing at COP15 in 2009 for the developing countries to shift to a low-carbon future and fund their climate mitigation and adaptability plans.
The COP21 decision also mandated that parties should set a new collective quantified goal from a floor of $100 billion per year, considering the needs and priorities of developing countries.
India expects that the ongoing COP26 would put in place a structured process to arrive at an ambitious new collective quantified goal.
According to Aarti Khosla, founder and director, Climate Trends, there was no new climate finance commitment yet from key nations.
India on behalf of like-minded developing countries has also submitted a position paper on the definition of climate finance, which elaborates on the elements of climate finance as outlined by the Convention and the Paris Agreement.
She further said enhanced mitigation ambition should not meet the same fate as the pre-2020 climate finance ambition.
Climate negotiation experts said developed countries are adding more and more riders to the financing decision.
The UK has been pushing for net zero and no coal but a lot more work needs to be done on the financing front,” Khosla said.
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