COP27: Climate Finance Definition on Top of India's Agenda

NEW DELHI: Ahead of the mega global climate summit COP27 kicking off from November 6, India is looking forward to the discussions on climate finance and its definition in the context of developing countries.

The 27th edition of the Conference of Parties (COP27) of United Nations Framework Convention on Climate Change (UNFCCC) is all set to begin in Egypt's Sharm El-Sheikh from November 6-18. The Indian delegation will be led by Union Environment Minister Bhupinder Yadav.

In a statement issued by the Ministry of Environment, Forest & Climate Change, India will deliberate on a definition for climate finance in the context of developing countries, which will be relevant for assessing the flow of finance in climate action. It also said that the interpretation of climate finance must be according to the Paris Agreement.

So far as India's case is concerned, the goal of $100 billion per year of climate finance which was scheduled to be achieved by 2020 and every year after that through 2025 is yet to be fulfilled.

The statement from the Ministry of Environment, Forest & Climate Change said, "Due to lack of common understanding, several estimates of what has flown as climate finance are available. While the promised amount must be reached as quickly as possible, there is a need now to substantially enhance the ambition to ensure adequate resource flow under the new quantified goal post-2024."

India has so far maintained that achieving the $100 billion per year goal should be a priority and that the developed countries should draw the roadmap for the same.

Further, on the Egyptian Presidency for the forthcoming session, India while welcoming the same said that it is ready to support it with a plan for fulfilling the needs of developing countries. "India welcomes this step as over the last twelve months the world has seen the widening gap between the statements by developed countries at COP 26 in Glasgow and the reality of their actions," the statement said.

It may be recalled here that last year in the COP26 summit in Glasgow, Prime Minister Narendra Modi announced a five-point "Panchamrit" pledge which included a target for 500GW of electricity to be produced from non-fossil sources and to generate 50% of all energy requirements using renewable means.

Also Read : Zoramthanga Praises Mizoram Peace Accord of 1986

Also Watch :