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DUBAI: Calling out rich nations for their failure to mobilise adequate resources for developing countries, India on Friday asked for clarity in the very definition of ‘climate finance‘ and said the absence of it leads to lack of trust and transparency.
“In my view, the minimum short-term action that we need to prioritise and work together for is the very definition of ‘climate finance’.I strongly feel that it is the most fundamental outcome we all can aim for that will automatically lay out the pathways for subsequent action towards appropriate climate financing,” said environment minister Bhupender Yadav while articulating India’s views during high-level ministerial dialogue on climate finance at theUN climate summit (CO) in Dubai.
The issue has been a major irritant during the ongoing negotiation process where the developing countries pointed out how the rich nations failed to fulfil their promise of mobilising $100 billion per year for climate action in poor countries. The rich nations, on the other hand, quoted OECD’s estimates and claimed to have mobilised enough finance to begin with. It was, however, contested by developing countries’ negotiators who pointed out that the OECD estimated even loans as climate finance.
According to the OECD, the estimate of climate finance provided and mobilised by developed countries in 2020 was about $83 billion whereas Oxfam in its ‘climate finance shadow report’ noted that the amount was merely $21-24.5 billion.
Citing this example, Yadav said, “The lack of definition leads to a lack of trust and transparency on a matter that should be as clear as crystal… The definition of climate finance that takes into account climate specificity, new and additional flows at highly concessional terms is imperative.” Emphasising on the need to scale up the resource flow “several times” through enhanced provision and mobilisation by the developed countries, the minister said, “The flow of finance has to be along with access to technology… In the absence of these, it would not be possible for the developing countries to meet their commitments on the UNFCCC and the Paris Agreement.”
In an intervention during CO plenary, India aligned itself with the common position of the developing countries, including China, and pitched for an ambitious glo-bal goal on adaptation (GGA) to help billions of climate vulnerable people. The GGA is meant for developing a framework that can drive political action and mobilise finance for adaptation on the same scale as mitigation (em-ission reduction). The CO presidency, meanwhile, star-ted ministerial pairing, giving responsibilities to different countries (two each) to come out with suggestions on different contentious issues, including language on the role of fossil fuels, which may be acceptable to all for the final negotiated text.
“In my view, the minimum short-term action that we need to prioritise and work together for is the very definition of ‘climate finance’.I strongly feel that it is the most fundamental outcome we all can aim for that will automatically lay out the pathways for subsequent action towards appropriate climate financing,” said environment minister Bhupender Yadav while articulating India’s views during high-level ministerial dialogue on climate finance at theUN climate summit (CO) in Dubai.
The issue has been a major irritant during the ongoing negotiation process where the developing countries pointed out how the rich nations failed to fulfil their promise of mobilising $100 billion per year for climate action in poor countries. The rich nations, on the other hand, quoted OECD’s estimates and claimed to have mobilised enough finance to begin with. It was, however, contested by developing countries’ negotiators who pointed out that the OECD estimated even loans as climate finance.
According to the OECD, the estimate of climate finance provided and mobilised by developed countries in 2020 was about $83 billion whereas Oxfam in its ‘climate finance shadow report’ noted that the amount was merely $21-24.5 billion.
Citing this example, Yadav said, “The lack of definition leads to a lack of trust and transparency on a matter that should be as clear as crystal… The definition of climate finance that takes into account climate specificity, new and additional flows at highly concessional terms is imperative.” Emphasising on the need to scale up the resource flow “several times” through enhanced provision and mobilisation by the developed countries, the minister said, “The flow of finance has to be along with access to technology… In the absence of these, it would not be possible for the developing countries to meet their commitments on the UNFCCC and the Paris Agreement.”
In an intervention during CO plenary, India aligned itself with the common position of the developing countries, including China, and pitched for an ambitious glo-bal goal on adaptation (GGA) to help billions of climate vulnerable people. The GGA is meant for developing a framework that can drive political action and mobilise finance for adaptation on the same scale as mitigation (em-ission reduction). The CO presidency, meanwhile, star-ted ministerial pairing, giving responsibilities to different countries (two each) to come out with suggestions on different contentious issues, including language on the role of fossil fuels, which may be acceptable to all for the final negotiated text.
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