India Rebukes Developed Nations for Climate Finance Failures at COP30

India sharply criticised developed nations at COP30 in Belém, Brazil, over their continued failure to meet climate finance obligations.

Speaking on behalf of the Like-Minded Developing Countries (LMDCs), India said developing countries cannot fulfil their Nationally Determined Contributions (NDCs) without predictable, transparent and reliable financial support.

India stressed that climate finance is a legal obligation under the Paris Agreement, not a voluntary gesture, and highlighted that Article 9.1 requires developed countries to provide financial resources.

India noted that key climate finance commitments remain unmet, and the New Collective Quantified Goal (NCQG) adopted at COP29 was inadequate. According to India, the NCQG lacked clear commitments and ignored the legally binding responsibilities under Article 9.1, making it impossible for developing countries to meet climate targets. India also criticised inconsistent and outdated information provided by developed nations in their biennial reports, making financial flows unpredictable.

India further pointed out that several developed countries have actually reduced their climate finance contributions, in some cases by as much as 51–100%. The country raised concerns about the lack of clarity on what counts as new and additional finance, and the frequent mixing of development finance with climate finance.

India concluded by emphasising that grants and concessional finance remain essential for lowering the cost of capital in developing nations. While blended finance can complement efforts, it cannot replace the core legal obligations of developed countries. Strengthening UNFCCC financial mechanisms and ensuring multi-year predictable projections are crucial for global climate progress.

India's climate-finance pushback continues to shape how MDBs and sovereign funders position emerging-market clean-energy financing - and it affects the pricing and structure of the blended-finance vehicles that follow. Our responsible-investment and climate-action teams help clients evaluate opportunities and structure participation in blended-finance and MDB-linked vehicles.