India Demands $1 Trillion Before It Increases Target for Emission Cuts

India held out on its commitment to increase targets for emission cuts, demanding $1 trillion in climate finance from developed countries.

In a surprise announcement during the opening of the UN COP26 climate summit, Prime Minister Narendra Modi committed to net-zero emissions by 2070 and asserted that rich countries should donate $1 trillion to poorer countries in order for them to reach their clean energy goals.

However, Indian officials later clarified that the sum demanded was to be for India alone. Rich countries have only pledged $100 billion dollars a year to cover all poor countries and Indian officials have criticized how the pledges have not yet materialized.

“Let’s be clear,” an Indian delegate told the Hindustan Times, “India will not update its [nationally determined contribution] until there is clarity on climate finance.”

Environment Secretary Rameshwar Prasad Gupta told Bloomberg the sum was to cover loss and damage from debt owed by rich countries, or the biggest emitters of greenhouse gases.

Gupta added that India will only commit to phasing out coal and other fossil fuels if it gets the financing it requests.

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