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India to seek substantial progress on discussions related to climate finance at upcoming COP27
India
Image Cr: UNI

India to seek substantial progress on discussions related to climate finance at upcoming COP27

| @indiablooms | 04 Nov 2022, 07:51 pm

New Delhi/UNI: Union Minister of Environment, Forest and Climate Change, Bhupender Yadav will be leading an Indian delegation to attend the 27th Session of Conference of Parties of the UNFCCC (COP 27) scheduled to be held at Sharm El-Sheikh, Egypt from Nov 6-18 this year

"India is fully engaged with the process and is supportive of the efforts by the Government of Egypt for substantive outcomes at COP 27," said the Ministry in a statement.

The Ministry also said India looks forward to substantial progress on the discussions related to climate finance and clarity on its definition.

It said, "The goal of USD100 billion per year of climate finance by 2020 and every year thereafter through 2025 is yet to be achieved".

"Due to a lack of common understanding, several estimates of what has flown as climate finance are available. While the promised amount must be reached as quickly as possible, there is a need now to substantially enhance the ambition to ensure adequate resource flow under the new quantified goal post-2024" it said.

The Egyptian Presidency of COP27, which is also a member of the Like Minded Developing Countries, has rightfully named COP 27 as the COP of “Implementation”.

The government said India welcomes this step as over the last twelve months the world has seen the widening gap between the statements by developed countries at COP 26 in Glasgow and the reality of their actions.

"India will support the Egyptian Presidency, for a plan of action that answers the needs of developing countries. Adaptation and loss and damage are two issues at the centre of attention, and progress on these two issues will complement each other," read the statement.

On the global goal of adaptation, the Ministry said there needs to be significant progress on actions, indicators and metrics.

There must not be any hidden agenda of mitigation, especially in the form of nature-based solutions, in the name of co-benefits.

"Reaching the USD 100 billion per year goal must come first, and the developed countries must be asked to show the roadmap for the same," it said.

India will emphasize again its invitation to all countries to join the LiFE movement – Lifestyle for Environment, a pro-people and pro-planet effort that seeks to shift the world from mindless and wasteful consumption to mindful and deliberate utilization of natural resources.

"India is committed to both domestic action and multilateral cooperation on climate change, and will continue to fight all global environmental concerns in the call to protect humanity’s planetary home", it said.

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