World Organisations – Pacts and Summits COP27: India insists on higher global climate finance target by 2024 The 27th session of the Conference of the Parties of the UNFCCC (COP 27), with a view to building on previous successes and paving the way for future ambition to effectively tackle the global challenge of climate change is being held in Sharm El-Sheikh in Egypt. India has stressed at the ongoing UN climate summit COP27, developing countries require substantive enhancement in climate finance from the floor of $100 billion per year to meet their ambitious goals and rich countries need to lead the mobilisation of resources. At COP 27 the Mangrove Alliance for Climate (MAC) was launched with India as a partner. The Mangrove Alliance aims to facilitate India’s goal to increase its carbon sink. Under the Alliance, India will collaborate with Sri Lanka, Indonesia and other countries to preserve and restore the mangrove forests in the region. Background At the COP 15 held in Copenhagen in 2009, developed countries had committed to jointly mobilise $100 billion a year by 2020 to help developing countries tackle the effects of climate change. However, rich countries failed to deliver the finance. Developing countries, including India, are pushing rich countries to agree to a new global climate finance target — also known as the new collective quantified goal on climate finance (NCQG).
