COP27: India to push developed countries for action on climate finance, tech | The Financial Express

COP27: India to push developed countries for action on climate finance, tech

Developing countries would seek commitment on finance and technology needed to address climate change and resulting disasters.

COP27: India to push developed countries for action on climate finance, tech
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India will push developed countries for “action” on climate finance and technology transfer to help developing nations adapt to climate change, Union Environment Minister Bhupender Yadav has said ahead of the 27th edition of the Conference of Parties (COP) to UNFCCC. The minister said India will also emphasise that it is one of the few countries which has met the 2015 climate goals set in Paris, and stress on climate justice and sustainable lifestyles through Prime Minister Narendra Modi’s LIFE movement which stands for “Lifestyle for Environment”.

“COP27 should be COP for action in terms of climate finance, technology transfer and capacity building. This is our overall approach. India will seek clarity as to what is being termed as climate finance whether it is grants, loans or subsidies. Public and private finance should be separate…adaptation finance and mitigation finance should be equal. These issues will be taken up strongly,” the minister told reporters here on Thursday.

US President Joe Biden, UK Prime Minister Rishi Sunak and more than 100 heads of states are expected to attend the conference which will be organised at Sharm El-Sheikh in Egypt from November 6 to 18. It is not yet clear if Prime Minister Modi will attend it.

At this year’s conference, developed countries are expected to push developing nations to further intensify their climate plans. Developing countries would seek commitment on finance and technology needed to address climate change and resulting disasters. “Even some developed countries” will join India in strongly raising the issue of USD 100 billion per year for climate action in developing countries, an official said.

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At the COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change. Rich countries, however, have miserably failed in delivering this finance. India will also push for a new collective quantified goal (NCQG) for climate finance — a key accompanying decision to the 2015 Paris Agreement — from a floor of USD 100 billion per year.

“The developed countries should not only fulfil the climate finance promises made earlier, new collective quantified climate finance goals should be set (for post 2025 period),” Yadav said. India will focus on the need to specify the quantity and quality of long-term finance (in trillions), its scope, ease of access to finance and mechanisms for tracking such finance in a transparent manner, according to a presentation made by the minister.

A senior ministry official said India will seek more clarity on adaptation finance. “Adaptation finance is something very crucial for the lives and livelihoods of people vulnerable to climate change. What are the soft loans that are available, what is the credit mechanism, insurance requirements… These are the issues that India will flag very strongly,” the official said.

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The country will also look for collaborations in technology development in renewable energy and hard to abate sectors. Yadav asserted that India is one of the few countries who have met the climate targets set in Paris in 2015. India this year updated its nationally determined contributions (NDCs) in keeping with the promises made by Prime Minister Modi at COP26 in Glasgow.

According to the updated NDCs, India now stands committed to reducing emissions intensity of its GDP by 45 per cent by 2030, from 2005 level, and achieving about 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. These NDCs are, however, contingent on delivery of finance and technology transfer.

To further a healthy and sustainable lifestyle, “LIFE – Lifestyle for Environment as a key to combating climate change” has been added to India’s NDC. NDCs are national plans and pledges made by countries to limit global temperature rise to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius. Yadav had earlier said loss and damage will be high on India’s agenda at COP27.

According to the World Resources Institute (WRI), “loss and damage” is a term used to refer to the consequences of climate change that go beyond what people can adapt to, or when options exist but a community doesn’t have the resources to access or utilise them. Loss and damage is generally understood to result from both extreme weather events like cyclones, droughts and heatwaves, and slow-onset changes such as sea level rise, desertification, glacial retreat, land degradation, ocean acidification and salinisation.

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First published on: 04-11-2022 at 14:20 IST