Developing countries' climate targets at risk without enough finance from developed world: India

New Delhi: Developing nations will struggle to meet climate targets without sufficient funding from developed countries, leading to underfunded climate action, India said on Thursday.

At the BRICS Environment Ministers' meeting in Brasilia, Brazil, India strongly advocated for climate justice and equity and said that the success of this year's UN climate conference depends on whether developed nations fulfil their climate finance commitments.

"Developing countries must receive adequate financial and technological support from developed nations. The proposed $300 billion per year by 2035 under the New Collective Quantified Goal on climate finance falls significantly short of the $1.3 trillion required.

"Without sufficient funding, developing nations will struggle to meet climate targets, perpetuating underfunded climate action," India said.

With COP30 being hosted in Brazil, India said there is strong symbolic and political momentum for ambitious climate action.

"COP30 provides an opportunity to ensure urgent focus on adaptation and resilience, and BRICS must stand united in supporting the COP30 Presidency to drive meaningful action across all pillars of climate negotiations," it said.

India stressed that there is a significant gap between current adaptation efforts and what is needed. It said 2025 is critical for climate adaptation and resilience, as "we anticipate the successful conclusion of the UAE-Belem Work Programme on Adaptation at COP30".

A clear road map for the Global Goal on Adaptation, backed by adequate means of implementation, must be a key outcome of COP30 and BRICS must work together to achieve this, India said.

India also called for BRICS nations to ensure the world's limited carbon budget is used equitably, prioritising the sustainable development needs of developing countries.

"As BRICS nations, we must strengthen our engagements in multilateral forums, championing the interests of developing economies and advocating for a fair and equitable transition," it said.

India noted that the expansion of BRICS from five to eleven members highlights its growing global influence.

With this expanded membership, BRICS has an even greater role in shaping the international agenda, setting priorities and leading global efforts for sustainable development, it said.

India said BRICS nations, as some of the world's fastest-growing economies, share common development goals but also face environmental challenges such as desertification, land degradation, air and marine pollution, biodiversity loss and water resource management.

It noted that BRICS countries have strong scientific and technical expertise. Leveraging this knowledge can help create affordable and practical solutions tailored to the needs of developing nations.

Together, BRICS nations account for 47 per cent of the world’s population and contribute around 36 per cent of global GDP in purchasing power parity terms. By 2050, BRICS will play a key role in the energy sector, with 54 per cent of global oil production, 53 per cent of natural gas reserves and 40 per cent of coal reserves.

The group's influence over critical minerals and strategic metals will be vital in driving the global energy transition and advancing clean technologies.