India to demand greater resource allocation towards climate change
“Funds accumulated under the Clean Development Mechanism (CDM) is in adequate to take up any mitigation work as the current scale of funding in really small,” Vijai Sharma, secretary, ministry of environment and forest told reporters on Wednesday.
Under CDM (2008-2012) ratified under the UNFCCC allows developed nations to give financial incentives to companies in developing countries to cut greenhouse gas emissions. Out of the total carbon trading business of $ 64 billion, 2% goes towards mitigation and adaptation funds which ensure advanced green technology transfer from developed and developing countries.
“Carbon trading should be expanded as funds generated from is too meager to take up any affective mitigation work,” Sharma said. He said the India would demand from the developed countries, which have huge carbon footprint, additional financial resource allocation or commitment beyond official development assistance.
According an official with the ministry of environment and forest, climate change adaptation and mitigation strategy requires around $80 billion per annum while at present only about $70 million has been collected under the CDM. “The financial resources committed under the UN convention cannot be new and additional if they merely divert any existing resources including ODA towards poverty alleviation in developing countries,” the official said.
India is sending a strong delegation
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