Statement by India under Agenda Item 3 Interactive Dialogue with the Independent Expert on the effects of foreign debt and related international financial obligations of States on the full enjoyment of all human rights, particularly economic, social and cultural rights, at the 58th Session of the Human Rights Council (24 Feb - 4 Apr 2025), delivered by Mr. Gaurav Kumar Thakur, Counsellor, Geneva, 10 March 2025

Mr. Vice President,

We thank the Independent Expert for presentation of the report, her quick responses earlier during the dialogue, and agree with her assessment on challenges posed by climate change and its linkage with debt, tax systems and illicit financial flows, all of which significantly impact all human rights, including the right to development.

Regrettably, the promises made in respect of climate funds have seldom been kept, and the bottlenecks and bureaucratic challenges have only hindered access to the limited funding available.

India reiterates that any discussion on climate financing should be demand driven and follow the principles of climate justice and CBDR-RC. There is also an urgent need to focus more on adaptation strategies, beyond the current focus on climate mitigation.

Mr Vice President,

India has taken several steps to mainstream sustainable finance in Indian corporate sector and align Indian companies with international reporting norms. In July 2023, our concerned regulatory agency included new environmental, social and government (ESG) metrics for mandatory disclosure under ‘Business Responsibility and Sustainability Reporting (BRSR) Core’ for the top 1,000 listed companies in India.

The reports’ well meaning focus on climate finance and climate justice, before the upcoming conference on Financing for development is well noted. Professor Waris, how can reform of International Financial Architecture ensure greater and more meaningful climate finance commitments?

Thank you.