BASIC nations bat for finances from developed world to fight climate change

The 30th session of the ministerial committee was held on Thursday which was headed by Union Minister Prakash Javadekar

BASIC countries or bloc of four newly industrialised nations - Brazil, South Africa, India and China in a joint session on climate change asked the developed economies to provide climate finance to developing nations. 

The 30th session of the ministerial committee was held on Thursday. The committee was chaired by Prakash Javadekar, Union minister of environment, forest & climate change and attended by key ministers from the other three countries. 

"The Ministers expressed their deep concern on the insufficiency and inadequacy of the support provided by developed countries to date. The scale and speed of climate finance from developed countries has to increase considerably," said the joint statement issued by the BASIC.

The ministers also urged the developed countries to present a roadmap on their existing obligations at COP26 to mobilize $100 billion per year from 2021 to 2025.

The statement by the BASIC comes ahead of the global climate conference COP26 slated to take place in Glasgow, UK this year in November. 

Ministers emphasised the necessity for the Glasgow Climate Change Conference to "deliver a breakthrough on financing for developing countries, noting that finance is the key enabler of enhanced ambition and climate action, particularly at a time when developing countries are facing multiple developmental challenges and the devastating impacts of the Covid-19 pandemic," said the joint statement. 

The ministers also said, developed countries should provide "new and additional, sustained, predictable, adequate and timely" finance, technology development and transfer and capacity- building support to developing countries with a significant public funded component. "Such support must not exacerbate the existing debt crisis confronting many developing countries," they said. 

Last week, R K Singh, Union minister for power, new and renewable energy asked the developed world to not pressure all countries into adopting ‘Net Zero’ carbon emissions and provide carbon space to developing countries. 

BASIC ministers also reiterated the same and Ministers emphasized that developing countries are meeting their climate targets within their limited means.

"Despite the devastating social and economic impacts of the Covid-19 pandemic and multiple development challenges the BASIC countries are implementing ambitious climate actions based on their national circumstances and have achieved great progress, contributing significantly to global efforts in combating climate change," said the statement. 

The ministers said key outcome of COP 26 would be be to conclude negotiations on Article 6, which is an essential element to achieve progress towards predictable and at-scale adaptation finance.