India, along with over 190 other countries, has gathered in Azerbaijan’s capital for the annual COP29 climate negotiations under the United Nations Framework Convention on Climate Change (UNFCCC).

India outlined its key expectations for COP29, emphasising the need for a carbon market mechanism “without creating barriers to trade” and a recalibration of climate finance under the updated goals.

India’s priorities at COP29 focus on securing sufficient financial support for developing nations, particularly for adaptation initiatives, and promoting a fair and equitable approach in all climate negotiations. According to sources, one of India’s main expectations is a recalibration of climate finance under the New Collective Quantified Goal (NCQG).

The NCQC calls for developed nations to provide annual climate finance for climate action projects in developing countries. It is a key focus of COP29.

India emphasised that discussions at COP29 should prioritise the adaptation needs of vulnerable communities, with finance being “adequate, predictable, accessible, grant-based, low-interest, and long-term”. According to sources, India expects the establishment of carbon market mechanisms under Article 6 of the Paris Agreement that utilise carbon credits to incentivise low-carbon development, without creating barriers to trade.

India also expects COP29 to secure more substantial commitments for adaptation and resilience-building, with a particular focus on agriculture, water resources, and urban infrastructure.

India’s heightened vulnerability to climate impacts such as floods, droughts, and extreme heat strongly drives this focus. The country views COP29 as a crucial platform to strengthen support for adaptation targets under the global adaptation goal, sources added.

Furthermore, addressing “loss and damage” financing remains a top priority for India, with expectations for concrete commitments from developed countries to finance the adverse impacts of climate events on vulnerable communities. Sources emphasized that any mechanism agreed upon at COP29 should prioritize technology transfer and closing financing gaps to ensure effective participation from developing nations.

(With PTI inputs)