G20 summit: PM Modi may flag West’s laxity on $100 bn climate fund

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New Delhi | Updated: November 26, 2018 6:44:51 AM

India will also impress upon world leaders about fulfilling the commitment made in the Bali round of trade negotiations to find a permanent solution for public food stock holding limit.

While developing countries want issues related to farm subsidies to be resolved, developed nations are keen to push forward new matters related to e-commerce and investments.

With the Group of 20 (G20) meeting starting in Argentina, India has indicated that it will highlight the “lack of will” among developed countries to fulfil their commitment to moblise $100 billion/year climate funding agreed under the Paris pact to help developing countries tackle global warming.

India will also impress upon world leaders about fulfilling the commitment made in the Bali round of trade negotiations to find a permanent solution for public food stock holding limit.

Pre-summit activities in the Argentine capital of Buenos Aires will begin on Monday. The G-20 summit will be held on Friday and Saturday. India will likely to stress the need for crude oil price stability and supplies to sustain global growth.

According to the Paris accord signed in April 2016, the developed nations promised to raise $100 billion a year in climate finance from both public and private sources by 2020 to help developing countries tackle global warming. “We don’t see any movement in that direction,” an Indian government official said. The developed nations are counting funding by the multilateral agencies as climate funding to developing countries. “The funding should be new and additional, it should not be merely an accounting exercise.”

The G20 meet will also discuss ways to promote sustainable agriculture and linking of small farmers with local markets. While developing countries want issues related to farm subsidies to be resolved, developed nations are keen to push forward new matters related to e-commerce and investments.
The Doha round of negotiations have remained stalled since 2008, primarily over the issue of huge trade-distorting subsidies being given to farmers by rich countries. While India and other developing nations want a reaffirmation to conclude the Doha Development Agenda first, developed countries seek to mostly dilute negotiations and widen the mandate with new issues.

 

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