Developing countries need 6 to 11 times more financial support from developed countries than the $100 billion per year promised in 2009, which is yet to be operationalised, India said during a negotiation meeting at the Cop27 summit, currently being held at the resort city of Sharm El Sheikh in Egypt.

India is trying to be on the offensive in the early stages of the negotiation, with stronger financial demands from the developed countries for countering the climate emergency.

“India leads the developing countries seeking climate finance under the UNFCCC (United Nations Framework Convention on Climate Change) framework to address mitigation and adaptation,” said an Indian official.

While speaking on behalf of the group of “like-minded developing countries (LMDC)”, the Indian representative, during the first week of negotiation, said “climate actions to meet the NDC targets requires financial, technological, and capacity building support from the developed countries”.

The representative said “the commitment of $100 billion made in 2009 by developed countries, was not only minuscule given the scale of needs, but has also not been achieved yet”.

NDC, or, nationally determined contributions, are formal promises of the volume of carbon emission cut to be made by several countries to the United Nations in accordance with their ratification of the Paris agreement.

India reminded that “the standing committee of finance had estimated that resources in the range of $6 trillion to $11 trillion are required till 2030 to meet the targets set by developing countries in their Nationally Determined Contributions”; the lower limit i.e 6 trillion being 6 times of the volume currently being committed, while the upper limit is 11 times.

Even if the developed countries keep the commitment made in 2009 — $100 billion every year from 2020 — the best it can mobilise will be around $1000 billion or $1 trillion.

According to estimates by The Organisation for Economic Co-operation and Development (OECD) hardly $80 billion out of the promised $100 billion could be mobilised in 2021.

Other research organisations quote even smaller figures.

“Rich countries have to start delivering on the $100-billion pledge immediately and also need to plan how to make up for their past shortfalls. Moreover, a value committed in 2009 is currently completely out of place in view of the current climate threat that has magnified many times; and the annual fund support target by developed countries needs to be revisited by 2025, and a new figure should be finalised” said Sanjay Vashist, director of civil society platform Climate Action Network South Asia.

“Where is the money?!” said John Kerry, US special envoy for climate at Cop27. “We need vast amounts... not millions here and there,” Kerry added.