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Climate finance: India hits out at developed countries for ‘reluctance’ to support projects

Our Bureau New Delhi | Updated on September 17, 2019 Published on September 17, 2019

India on Tuesday warned developed countries that their reluctance to loosen purse strings to support climate change mitigation plans by developing countries may threaten the progress achieved, leading to an uncertain future.

In a discussion paper released on Tuesday, the Finance Ministry while reviewing various issues relating to climate finance, said the countries have to roll out implementation of their promised nationally-determined contributions (NDCs) from January 1, 2021.

As per the common but differentiated responsibilities agreed upon, developed countries were to provide adequate finance, technology and capacity building to facilitate the effective implementation of the climate change convention and the 2015 Paris Agreement. “However, the reality is that the implementation of NDCs of developing countries will apparently hit a roadblock in the face of an uncertain future in the provisioning of climate finance,” the Ministry said.

During the 2009 Conference of Parties of the UN Framework Convention on Climate Change (UNFCCC), the developed countries committed to “a goal of mobilising jointly $100 billion a year by 2020 to address the needs of developing countries” and it was decided that a significant portion of such funding would flow through the Copenhagen Green Climate Fund (GCF).

But as on July this year, the total pledges to the GCF are a meagre $10.3 billion and only $ 0.39 billion has been disbursed so far. India chided the western nations saying their call for stepping up climate actions will have to be matched with adequate provision of climate finance to developing countries. “Climate finance is a key pillar in enabling climate actions. Enhanced ambition and enhanced support should be at equal footing,” it said.

Finance, an issue

While India is doing its best to meet the promised adaptation and mitigation actions, finance still remains a critical issue.

India, in its NDC, has said it would need around $206 billion (at 2014-15 prices) between 2015 and 2030 for implementing adaptation actions in key areas such as agriculture and fisheries The total preliminary estimates for meeting India’s climate change actions between 2015 and 2030 is estimated to be $2.5 trillion (at 2014-15 prices), the report said.

Published on September 17, 2019
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