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industries, finance, and local institutions will be essential to integrate green value chains into
mainstream economic planning.

9. India welcomes key outcomes at COP30, hopes promises made 33 years ago in Rio get fulfilled

• India expressed "strong support" for the inclusive leadership of the UN COP30 presidency and
welcomed several significant decisions adopted at the conference in the "High-level Statement"
at the Closing Plenary of the UNFCCC CoP30 in Belém, Brazil, on November 22.

• In a press release, the Ministry of Environment, Forest, and Climate Change said the statement
conveyed India’s gratitude to the COP President for his leadership, which was rooted in inclusion,
balance, and the Brazilian spirit of Mutirão, and has guided the CoP30 with integrity. India also
welcomed progress under the Global Goal on Adaptation (GGA).

• The ministry's press release noted that a key element of India’s address was the emphasis on long-
standing obligations of developed countries to provide Climate Finance. It said India sincerely
hopes in the spirit of international cooperation that promises made 33 years ago in Rio would now
be fulfilled due to the first steps parties have taken in Belém.

• India further expressed satisfaction with major outcomes of COP30, foremost among them the
establishment of the "Just Transition Mechanism," calling it a significant milestone and expressed
hope that it would help operationalize equity and climate justice at both global and national
levels.

• The need for greater global support to vulnerable populations, a large majority of whom are in
the global South, was stressed upon so that they may protect themselves from the escalating
impacts of climate change.

• India reaffirmed its unwavering commitment to science-based and equitable climate action. It was
observed that India remains committed to a global order that is rules-based, equitable and
respectful of national sovereignty. Further, the nation remains committed to working with all
parties to ensure that climate ambition is inclusive, just, and equitable. This reaffirmed India's
support and gratitude to Brazil and the international community in the road ahead.

• The UN climate talks in Brazil ended with a pledge of more funding for countries to adapt to the
wrath of extreme weather. But it did not include a roadmap for phasing out fossil fuels.

• The Indian delegation at the climate summit was headed by Environment, Forest, and Climate
Change Minister Bhupender Yadav.

10. IMF Reclassifies India’s FX Regime as Rupee Turns More Volatile

• The International Monetary Fund reclassified India’s exchange-rate regime after the rupee moved
more freely, and said the nation is well-positioned to allow greater flexibility in its currency. The
IMF labeled the country’s de facto currency regime as “crawl-like arrangement,” marking a change

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