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What is the news?
At the ministerial meeting of the Like-Minded Developing Countries (LMDC), India has said that climate finance cannot continue at the levels decided in 2009 and emphasised that it should be at least $1 trillion to meet the goals of addressing climate change.
The ministerial meeting of LMDC was hosted by Bolivia.
What are Like-Minded Developing Countries (LMDC) groups?
LMDC is a group of developing countries who have organised themselves as block negotiators in international organizations such as the United Nations and the World Trade Organization. They represent more than 50% of the world’s population.
Member countries: LMDC comprises around 25 developing countries from Asia and other regions.It includes countries like India, China, Bolivia among others.
What are the key sticking points between Developed and Developing countries?
– Climate finance, loss & damage and adaptation finance: Developed nations failed to deliver on the promise to mobilise $100 Bn per year by 2030.
– Common timeframes for operationalisation of national commitments under the Paris Agreement has not been finalised.
– Carbon market (Article 6 of Paris Agreement)
– Transparency Frameworks for implementation of Paris Agreement
Source: This post is based on the article “India calls for hike in climate finance to $1trillion” published in The Hindu on 11th November 2021.