"The global nitrogen use efficiency is low, resulting in pollution by reactive nitrogen which threatens human health, ecosystem services, contributes to climate change and stratospheric ozone depletion," reads the release of Union Ministry of Environment, Forest and Climate Change issued on Saturday.
In the session held between March 11 and March 15, UNEA's theme was 'Innovative Solutions for Environmental Challenges and Sustainable Production and Consumption.'
India also hosted, in the High-Level Segment of UNEA, a session on "Global Partnerships: Key to Unlocking Resource Efficiency and Inclusive Green Economies."
A panel discussion held which had high-level diplomatic participation from Germany, Brazil, South Africa and senior management of international financial institutions.
"The mainstreaming of resource efficiency and use of secondary raw materials through partnerships and action at scale is critical for moving towards the green economy. It emerged that collaborations and action at scale is key to success," said the ministry.
"The actions should be oriented towards having an inclusive green economy and blended finance will help in implementation whereas public finance should be provided to de-risk private finance in transformational projects," the release read.
The contributions to climate finance need to be in consonance with the basic principles of common but differentiated responsibility and respective capabilities (CBDR-RC).
"Climate finance is more of an obligation of the developed countries, based on their historical emissions. The availability of sufficient, additional and predictable climate finance is a key for action," said the ministry.
"Importantly, the lack of pledged funds in the Green Climate Fund and the potential reliance on the private sector has been highlighted by many developing countries," the release further read.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)