Union Environment Minister Bhupender Yadav emphasised that developed countries historically responsible for maximum carbon emissions should take the initiative and acknowledge the responsibility of providing financial assistance to developing countries to tackle the climate crisis. He mentioned that climate finance would be the focal point of the UN climate conference in Baku, Azerbaijan, where there would be discussions on the New Collective Quantified Goal (NCQG). This goal specifies the new annual amount that developed nations must mobilise from 2025 onward to support climate action in developing countries.

Yadav noted that, according to IPCC reports, the rise in global temperatures is primarily driven by the increase in carbon emissions. He stated at the India Climate Summit that countries have formulated their Nationally Determined Contributions, and India has successfully met its climate targets in sectors such as renewable energy and carbon emission reduction.

He further stressed that it is necessary for developed countries to provide financial and technological support to developing nations to achieve equitable global growth. Yadav regretted that this support has not materialised adequately thus far but highlighted that the New Collective Quantified Goal will be the central focus of COP29 in Baku. He reiterated the need for countries with significant historical carbon emissions to step forward and fulfil this responsibility.

The 2015 Paris Agreement's objectives, which include keeping global warming to well below 2 degrees Celsius and ideally 1.5 degrees Celsius over the average for the years 1850?1900, are to be met via national climate plans, or NDCs. Climate scientists say that in order to keep global warming to 1.5 degrees Celsius, countries must act quickly to reduce heat-trapping greenhouse gas emissions by at least 43% by 2030 (compared to 2019 levels). This is because the Earth's surface temperature is currently 1.15 degrees Celsius higher than the average between 1850 and 1900.

Developing countries contend that if rich countries, who have traditionally been to blame for climate change, do not increase their financial support, it is unreasonable to expect them to cut CO2 emissions more quickly. Rich nations are now anticipated to raise above $100 billion, with developing countries demanding trillions of dollars to tackle climate change.