India to seek clarity on USD 100 billion Climate Financing at COP27

by B2B Desk 2022-11-05 06:03:37

India is ready to push for clarification of the definition of climate financing for developing countries during the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which will be held in Sharm El Sheikh, Egypt, from November 6-18.

The session is likely to feature discussions on climate finance and the clarity of its definition. In a press release on Friday, the government said India "expects significant progress" in discussions on achieving $100 billion a year in climate finance and clarity on its definition.

Climate Financing

"There must be a faithful, balanced, and comprehensive implementation of the Convention and the Paris Agreement in accordance with their objectives and principles," the statement said.

During a session of the subsidiary body in June this year, developing countries made it clear that the United Nations Framework Convention on Climate Change is the centerpiece of the collective and multilateral response to the problem of climate change.

"As it is argued that what gets measured gets done, more clarity on the definition of climate finance is needed for developing countries so that they can accurately assess the extent of financial flows for climate action," the report said.

Union Environment, Forests, and Climate Change Minister Bhupendar Yadav will represent India at the session.

The government said that India is fully involved in the process and supports the Egyptian government's efforts for the "core outcomes" of COP27.

"The goal of $100 billion annually in climate finance for 2020 and every year thereafter through 2025 has yet to be met. Due to a lack of common understanding, many estimates are available for what has been implemented as climate finance. If while the promised amount should be achieved as quickly as possible, ambition now needs to be significantly boosted to ensure an adequate flow of resources under the new post-2024 quantitative target.”

The government said India would also encourage countries to join the LiFE - Lifestyle for the Environment – a movement that aims to transform the world from reckless and wasteful consumption to conscious and deliberate use of natural resources.

COP26 was held in Glasgow, UK, around this time last year.

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