You are here: Home » Current Affairs » News » Environment
Business Standard

Climate finance cannot continue at 2009 levels: India at Glasgow meeting

The meeting - attended by representatives from China, Cuba, Nicaragua and Venezuela among others - was presided over by the Bolivian President Luis Alberto Arce Catacora.

Topics
Climate Change talks  | Carbon emissions | COP

Press Trust of India  |  Glasgow 

climate change
Climate change

India said on Tuesday that climate finance cannot continue at the levels decided in 2009 and emphasised that it should be at least USD 1 trillion to meet the goals of addressing climate change.

Speaking at the Ministerial meeting of Like-Minded Developing Countries (LMDC) at the 26th international climate conference underway in Glasgow, Union Environment Minister Bhupender Yadav also called upon the LMDC countries to work closely to protect the interests of developing countries.

"Climate finance cannot continue at the levels decided in 2009. It should be at least USD 1 trillion to meet the goals of addressing climate change and there should be a system to monitor climate finance as we have for monitoring mitigation, Yadav said at the meeting.

The meeting - attended by representatives from China, Cuba, Nicaragua and Venezuela among others - was presided over by the Bolivian President Luis Alberto Arce Catacora.

Underlining the unity and strength of LMDC as fundamental in the UNFCCC (United Nations Framework Convention on Climate Change) negotiations to preserve the interest of the Global South in fight against climate change, Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars.

He underscored that under the leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities.

The environment minister requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI) and the Leadership Group for Industry Transition (LeadIT).

He also appreciated the efforts of the Third World Network (TWN) for its support to LMDC, and expressed the need to ensure resources to TWN.

Yadav stressed on the developing nations' need to ensure a balanced outcome with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.

The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear.

"The outcomes of 26 must respect the fundamental principles of Convention, including equity and common but differentiated responsibilities and respective capabilities (CBDR-RC). The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building, the minister said.

The LMDC countries highlighted the empty promises of the developed countries and inability to deliver the USD 100 billion per year by 2020 and also called upon the speedy finalization of the Paris Rulebook.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 03 2021. 07:54 IST
RECOMMENDED FOR YOU
.