Developed countries failing to meet financial commitments: India

New Delhi: India on Tuesday expressed serious concern over developed countries failing to meet their financial commitments for a just transition in the developing world, saying many highly vulnerable nations cannot pursue sustainable development without adequate financial support.

Speaking at the World Government Summit 2025 in Dubai, Union Environment Minister Bhupender Yadav said the funds needed to achieve sustainable development goals, especially for tackling climate change and ensuring environmental sustainability, remain far below what developed nations had promised.

He said that despite multiple pledges, financial support to developing nations has been inadequate to meet urgent needs for climate adaptation, mitigation, and biodiversity conservation.

"Without adequate financing, many nations, particularly those with the greatest vulnerabilities, face a debt burden that threatens their ability to pursue sustainable development," a statement quoted him as saying.

Yadav urged developed countries to honour their financial commitments and work together to close this gap, as the world moves closer to 2030.

He highlighted India's rapid expansion in renewable energy and investments in clean technologies, electric vehicles, and climate-resilient infrastructure.

However, he stressed that climate change and biodiversity loss remain critical challenges and cannot be addressed without a fundamental shift in how the world approaches development.

Speaking at a roundtable on the future of mobility at the summit, Yadav said India is actively working to decouple economic growth from emissions while building a sustainable transportation system.

He said that India's mobility industry grew by 12 per cent last year, further strengthening its position as a global innovation and manufacturing hub.

Referring to India's 2070 net-zero target, he said the country has already taken several steps in this direction, aligning its climate goals with its development priorities.