BAKU: “Year after year, COP after COP, we keep discussing what needs to be done without addressing how it is to be done,” said Leena Nandan, deputy leader of the Indian delegation at COP29 and secretary of the Union Environment Ministry. Talking at an open-ended ‘Qurultay’ summit convened by the COP29 presidency after it released a set of decision draft texts, including the one on the New Collective Quantified Goal (NCQG), Nandan said the climate talks began with a clear focus on enablement through the NCQG. “However, as we approach the conclusion, we see a troubling shift towards mitigation without the corresponding means of implementation. This is unacceptable. Mitigation ambitions are meaningless without the financial support to make them a reality on the ground.” The NCQG must reflect finance as the critical enabler for developing nations to formulate and implement their ambitious Nationally Determined Contributions (NDCs). This requires specificity—on structure, quantum, quality, timeframes, access, transparency, and review. “We demand a mobilisation goal of USD 1.3 trillion, with at least USD 600 billion in grants or grant-equivalent resources. Proposals to expand the contributor base, introduce macroeconomic and fiscal conditionalities, or push for carbon pricing and private sector-driven investment flows are contrary to the NCQG mandate. This goal is about financial support, not an investment target,” Nandan said.
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