The annual U.N. Climate Change Conference (COP29) kicked off in Baku, Azerbaijan, today. Dubbed the ‘Finance COP,’ the two-week-long event will focus heavily on securing a new climate finance target for countries most vulnerable to climate impacts. For India and the Global South, access to finance, technology, and energy resources remains critical to meeting climate targets and protecting communities on the frontlines of climate change. India has so far played a key role in shaping global climate finance frameworks to address the urgent funding needed for both mitigation and adaptation efforts.

At Baku, India will seek a New Collective Quantified Goal (NCQG) for climate finance, which is far ahead of the outdated 100 billion dollar annual target set in 2009. India’s Economic Survey 2023-24 indicates that India will need approximately 2.5 trillion dollars by 2030 to fulfil its commitments under the Paris Agreement.