In the upcoming UNFCC meet in Poland, India has decided to raise the issue of effective technology transfer and funds amounting to about $ 80 billion for developing economies for meeting their adaptation and mitigation costs.
The forthcoming Conference of Parties to United Nations Framework Convention on Climate Change (UNFCC) is scheduled next week in Poznan in Poland from December 1, 2008.
“As climate change is set to have severe adverse impact on India, we will demand for strengthening the technology and financial architecture under the aegis of UNFCC,” the Indian Environment Secretary, Vijai Sharma said.
He said that Annex I Parties (developed nations) were obliged to provide for new, additional, adequate and predictable financing to developing country parties to implement the proposals to arrest and adapt to climate change.
“The financial resources committed under the convention cannot be new and additional if they merely divert any existing or likely resources, including Overseas Development Assistance,” Sharma said quoting the paper that India will present at the CoP meeting.
India has decided to ask for more fund to meet the mitigation and adaptation steps ?since the magnitude of fund needed is enormous compared to what is available under the current financial mechanism of the Convention?.
Sharma said that India, which had virtually taken lead in taking up the problems being faced by the developing economies due to global warming, had decided to make it clear that the proposed funding sources cannot be voluntary as it would be unpredictable and not binding.
“As per the UNFCC, at least $60-80 billion is needed to take adaptation and mitigation requirement fund, hence we would negotiate for creating a fund under the governance of the parties to ensure that it is stable,” he said.