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Meet climate finance obligations: Indian paper to global community

IANS  |  New Delhi 

While the global community displayed an unprecedented speed in ratifying the Agreement, the same is not visible in meeting the obligations, an Indian discussion paper released at COP24 in said.

From failure to meet commitments by developed countries and deviations in definition of to issues related to reporting and tracking of were some of the issues highlighted by the paper drafted by the

The paper, which examines the scope, scale and speed required in climate finance, said: "The present scope, scale and speed of climate finance are not only insufficient but also not even being discussed properly."

It added: "Though a quarter of a century has passed, still lack a precise and adequate system of accounting modalities for financial resources."

The discussion paper prepared by the Unit, Department of Economic Affairs, analysed the post-Agreement developments, seriousness of discourse in the international climate finance arena, and the scope, scale and speed needed.

The paper, however, had a disclaimer saying it does not necessarily reflect the views of the Indian

On the scale of investment, the paper said the $100 billion quantitative commitment by developed countries at in 2009 "is a meagre amount in size in contrast to the actual needs assessed for developing countries in trillions of dollars".

"We have to be much more serious in this business. need to be set high in order for climate justice to be delivered for poorer countries and future generations."

The paper finds serious concerns with the various numbers on climate finance reported by the developed countries. Definitions of used in various reports were not consistent with the Framework Convention on Climate Change (UNFCCC) provisions, it said.

"Methodologies used were also questionable," it added.

The highly critical paper said: "The global community displayed an unprecedented speed in ratifying the Agreement. Meeting finance obligations also deserves the same momentum."

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 22:36 IST
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