Delhi Declaration seeks $5.8-5.9 trillion for developing countries by 2030 for climate action

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By Our Special Correspondent

New Delhi, September 9: Delhi Declaration put out with consensus has set ambitious target for climate action by raising the funding target manifold and also by broadening the sources of fund amid skepticism at the flow of “trickles” out of the commitment by the developed nations for $100 billion annually.

The climate agenda of the Delhi Declaration has come at a time when the climate change is ravaging across continents with floods, droughts, and natural disasters. The paragraph 41 of the Delhi Declaration made an extensive mention of the commitment of the G20 for climate action.

“We recognise the need for increased global investments to meet our climate goals of the Paris Agreement, and to rapidly and substantially scale up investment and climate finance from billions to trillions of dollars globally from all sources. In this regard, it is essential to align all relevant financial flows with these objectives while scaling up finance, capacity building and technology transfer on voluntary and mutually agreed terms, taking into account the priorities and needs of developing countries,” noted the Delhi Declaration.

It noted the “need of $5.8-5.9 trillion in the pre-2030 period required for developing countries, in particular for their needs to implement their NDCs, as well as the need of $4 trillion per year for clean energy technologies by 2030 to reach net zero emissions by 2050”. “We recall and reaffirm the commitment made in 2010 by the developed countries to the goal of mobilizing jointly $100 billion climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries, in the context of meaningful mitigation action and transparency in implementation,” added the Delhi Declaration.

Developed country contributors expect this goal to be met for the first time in 2023. “We will work to successfully implement the decision at COP27 on funding arrangements for responding to loss and damage for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, including establishing a fund,” added the Delhi Declaration.

The statement also stated that the support of the transitional committee established in this regard, and look forward to its recommendations on operationalization of the new funding arrangements including a fund at COP28 would ne enlisted.

Delhi Declaration also called on parties to set an ambitious, transparent and trackable New Collective Quantified Goal (NCQG) of climate finance in 2024, from a floor of $100 billion a year, taking into account the needs and priorities of developing countries in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement.

“Recalling para 18 of the Glasgow Climate Pact, we urge the developed countries to fulfil their commitment to at least double their collective provision of adaptation finance from 2019 levels by 2025, in the context of achieving scaled up financial resources,” said the Delhi Declaration, adding “we call on all relevant financial institutions, such as MDBs and multilateral funds to further strengthen their efforts including by setting ambitious adaptation finance targets and announcing, where appropriate, revised and enhanced 2025 projections”.

Delhi Declaration also acknowledged “the vital role of private climate finance in supplementing public climate finance and encourage the development of financing mechanisms such as blended finance, de-risking instruments and green bonds for projects in developing countries”.