The African Group of Negotiators and a group of 24 “Like Minded Developing Countries” (LMDCs) have called on donor nations to mobilise at least $1.3 trillion per year by 2030, with an equal 50/50 split between money for carbon-cutting and adaptation efforts and at least $100bn delivered as grants.
- India is part of the “Like Minded Developing Countries” (LMDCs) grouping along with China, Indonesia, Malaysia, Iran, Bangladesh, Sri Lanka, the Philippines and others.
- Earlier in 2009 at COP15, the world’s richest countries had pledged to provide $100 billion per year of climate finance for developing countries every year till 2020. In the Paris Agreement, this period was extended till 2025.
- At the COP26 Glasgow, the LMDCs have proposed to the UN at the summit said that half of the money must be allotted for financing renewable energy in developing countries, and the other half to them from the effects of global warming.
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