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Developed nations not providing finance as promised, must repay: Env Minister at COP 25

Press Trust of India  |  Madrid 

The developed world had promised USD 1 trillion support in the last 10 years for climate change and not even 2 per cent has materialised, Minister Prakash Javadekar said in Madrid on Tuesday.

Addressing a high-level segment with delegates from over 190 countries, Javadekar expressed concern over lack of funding and said the developed nations must repay.

"I draw your attention to very important issue of finance. (The) Developed world promised 1 trillion US dollars in last 10 years, and not even 2 per cent has materialised. It has to be public finance and there should be no double accounting. The world that benefited from carbon emissions that made them developed, must repay.

"Technology development and transfer at affordable costs is crucial for developing countries. If we are dealing with a disaster, nobody should profit from it. So, my proposal is to have more joint research and collaboration, grant finance made available for meeting the targets," the minister, heading the Indian delegation to COP 25, said.

Javadekar said it was time to reflect and assess "as we near the end of pre-2020 period" and see if the developed world has delivered on its promises.

"It is time for reflection and assessment as we near the end of pre-2020 period. It is time to look in the mirror. Has (the) developed world delivered on its promises? Unfortunately, annexed countries (40 countries) have not met their Kyoto Protocol targets.

"Neither their NDCs (nationally determined contributions) reflect ambitions nor they have shown willingness to enhance their commitments. I propose that we have three more years to fulfill pre-2020 commitments till the global stock-take takes places for bridging emission gaps," the minister said.

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

First Published: Tue, December 10 2019. 20:55 IST