India, Aug. 11 -- The Government of India issued the following news release:
India had expressed its disappointment with the New Collective Quantified Goal (NCQG) outcome of COP 29 at Baku as it does not address the needs and priorities of developing countries and is incompatible with the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and Equity.
The mobilisation target of USD 300 billion annually by 2035 is substantially insufficient to address the financing needs of developing nations, which are estimated to be between USD 5.1-6.8 trillion for up to 2030 (or USD 455-584 billion per year) by the Standing Committee on Finance under United Nations Framework Convention on Climate Change (UNFCCC...