LMDCs put a number on post-2025 climate finance needs: $1.3trn a year
- Posted By
10Pointer
- Categories
Environment
- Published
11th Nov, 2021
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Context
Recently, the Like-Minded Developing Countries (LMDCs) have sought at least US $1.3 trillion per year from the wealthy countries in climate finance starting from 2030.
About
- This demand is likely to cause further consternation even as countries negotiate on this amount at
- These countries are pushing for the inclusion of proposals in the final decisions which will be agreed upon at the climate conference in Glasgow.
- 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.
- But the deal never materialized, with many rich nations admitting that they won’t be able to do so before 2023 — three years after the original deadline.
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Like-Minded Developing Countries (LMDCs)
- A group of 24 nations that call themselves Like-Minded Developing Countries (LMDCs), organised as a block negotiator in international organizations like the United Nations and World Trade Organization.
- India is part of the LMDC grouping along with China, Indonesia, Malaysia, Iran, Bangladesh, Sri Lanka, the Philippines and others.
- It represents about 50% of the world’s population.
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