India’s New Climate and Nature Finance Platform at COP30
Context: COP30 in Belem, Brazil
At a ministerial event during COP30, India and 13 other countries, along with a regional African alliance, announced plans to establish national platforms for climate and nature finance.
The platforms will function with coordination through the Green Climate Fund (GCF).
Green Climate Fund (GCF): overview and issues
Largest global institutional mechanism for climate finance for developing countries.
Total commitments: USD 19 billion, but only about 25% allocated as of 2024.
Criticisms by developing countries:
Complex disbursal mechanisms.
Limited technical assistance.
GCF’s mandate includes:
Equal balance between adaptation and mitigation funding.
Support for developing nations in clean energy and adaptation.
Importance of the new country platform for India
India already engages with the GCF.
A new platform aims to:
Overcome the fragmented approach in accessing climate finance.
Improve coordination for climate and nature finance.
Better align India’s priorities on adaptation and capacity-building.
Launch aligns with global calls for:
Improved access to adaptation finance.
Simplification of climate finance processes for developing countries.
India’s negotiating priorities at COP30
India led developing countries in demanding:
Stronger focus on Article 9.1 of the Paris Agreement, which mandates developed countries to provide climate finance for mitigation and adaptation.
A clear road map for climate finance obligations of developed nations.
Global Goal on Adaptation (GGA)
Negotiators are working to finalise a list of indicators to track adaptation progress.
Expert groups have filtered:
From ~10,000 candidate indicators to ~100.
The final set expected for adoption at COP30.
India's expected release of National Adaptation Plans adds momentum to the demand for a strong GGA outcome.
Countries announcing new platforms
Countries and groups announcing platforms include:
African Islands States Climate Commission (AISCC), Cambodia, Colombia, India, Kazakhstan, Lesotho, Mongolia, Nigeria, Oman, Panama, Rwanda, Dominican Republic, Togo, South Africa.
With these, total number of platforms becomes 16, including:
Brazil Country Platform.
Caribbean Regional Platform.
GCF-funded projects in India
As of August 2024:
India has secured USD 782 million in GCF commitments for 11 projects.
Sectors: water, clean energy, coastal resilience, livelihoods, transport, MSMEs, climate start-ups.
Most financing is via concessional loans.
Environment Ministry serves as India’s National Designated Authority (NDA) for GCF.
Prelims Practice MCQs
Q. Consider the following statements regarding India’s climate finance initiatives:
India’s new “climate and nature finance” platform will be coordinated through the Green Climate Fund.
India is setting up such a platform for the first time, as it previously had no engagement with the GCF.
One of the objectives of the platform is to reduce fragmentation in accessing climate finance.
Which of the statements given above is/are correct?
A. 1 and 3 only
B. 1 only
C. 2 and 3 only
D. 1, 2 and 3
Answer: A
Explanation:
Statement 1 is correct: The platform is coordinated through the GCF.
Statement 2 is incorrect: India already accesses GCF funds.
Statement 3 is correct: The platform aims to move away from a fragmented approach.
Q. Consider the following statements regarding the Global Goal on Adaptation (GGA):
The GGA aims to establish globally agreed indicators to measure adaptation progress.
Experts have reduced the candidate indicators from about 10,000 to about 100 for COP30 adoption.
India has opposed the adoption of indicators under the GGA at COP30.
Which of the statements given above is/are correct?
A. 1 and 2 only
B. 1 and 3 only
C. 2 and 3 only
D. 1, 2 and 3
Answer: A
Explanation:
Statements 1 and 2 are correct: This indicator-based framework is being finalised.
Statement 3 is incorrect: India supports concrete outcomes on the GGA.
India demanded focused discussions on Article 9.1 of the Paris Agreement.
Article 9.1 obligates developing countries to provide climate finance primarily for mitigation.
India emphasised the need for a road map for climate finance commitments by developed countries.
Which of the statements given above is/are correct?
A. 1 and 3 only
B. 1 only
C. 2 and 3 only
D. 1, 2 and 3
Answer: A
Explanation:
Statement 1 is correct: India led developing countries on this demand.
Statement 2 is incorrect: Article 9.1 mandates developed countries to provide finance for both mitigation and adaptation.
Statement 3 is correct: India pressed for clarity on financial obligations.