BASIC Countries ask at COP29 to honour commitments for Climate Finance

BASIC countries have asked developed countries to honour their commitments to provide climate finance rather than “diluting obligations” and strongly opposed efforts to transfer financial obligations to developing nations during the COP29 negotiations.

About BASIC Countries

BASIC countries are a bloc of four large newly industrialised countries – India, Brazil, South Africa, and China.
It was formed in
The four committed to act jointly at the Copenhagen climate summit (COP 15 of UNFCCC), including a possible united walk-out if their common minimum position was not met by the developed nations.

Paris Agreement 2015

It is a legally binding international treaty that aims to reduce greenhouse gas emissions and adapt to the effects of climate change.
It aims to limit global warming to below 2°C above pre-industrial levels, with efforts to limit it to 1.5°C.
Nationally Determined Contributions (NDCs):
- Countries submit NDCs outlining climate actions they will take to reduce greenhouse gas emissions.
- NDCs are updated every five years.
India’s NDC’s:
- Reduce the emissions intensity of India’s GDP by 45% from 2005 levels by 2030.
- Create a carbon sink of 2.5 to 3 GtCO2e through additional forest and tree cover by 2030.
- Achieve 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
- To put forward a healthy and sustainable way of living based on traditions and values of conservation and moderation, through a mass movement for ‘LIFE’– ‘Lifestyle for Environment’ as a key to combating climate change.