By Biswendu Bhattacharjee Baku, Nov 12 (Reporter) Reiterating that it puts priority on sustainable development, energy security and climate action, India in a statement on the second day of COP29 on Tuesday urged all to respect the equity and principle of Common But Differentiated Responsibilities (CBDR). Since climate change is a global issue, developed nations bear a greater historical responsibility for emissions and should take the lead in mitigation and finance, the statement said, adding COP29 must hold the principle and provisions of UNFCCC and its Paris Agreement and prevent the imposition of undue obligations on developing nations. “India has been vocal and will continue to be vocal about the need for adequate finance for global south. Currently, much of the focus of the climate finance discussions are emphasized on investments in mitigation actions. The COP29 should maintain balance and highlight the urgency of addressing adaptation needs, particularly for vulnerable communities in developing countries,” the statement read. The COP29 should ensure that climate finance is adequate, predictable, accessible, grant based, low-interest, and long-term. India, as a country highly vulnerable to climate impacts like flood, droughts and extreme heat events, expects from COP29 to emphasis on enhancing adaptation actions and resilience particularly enhancing the support for achieving the targets under agreed global goal on adaptation in the sector like agriculture, water resources, and urban infrastructure, the statement mentioned. “India has been calling for addressing loss and damage related to climate impacts and at COP29 we expect some additional commitments for mechanisms to finance. India would continue to engage in discussions on strengthening collective global climate action and call upon the developed countries to ramp up their climate ambitions,” it pointed out. On Article 6 – regarding carbon trading, the statement enumerated that COP29 should be able to agree to a mechanism which uses market-based instruments such as carbon credits to incentivize low-carbon development. The parties should establish clearer rules for global carbon market which do not create unfair barriers to trade and development instead address technology and financing gaps for supporting developing nations...////...