Finance Minister Nirmala Sitharaman on Monday called for concrete action on climate funding and transfer of technology at the upcoming global climate summit, saying that India will be pushing forward to showcase what it has achieved with its own funds.

The 28th round of the annual UN climate talks to be held from Nov 03 to December 12 in the UAE and is anticipated to involve intense negotiations on compensation from rich countries to developing ones for climate impacts, fossil fuel usage, methane emissions, and financial aid for reducing planet-warming emissions and adapting to climate change.

Speaking during a virtual session at the inaugural event of India Global Forum Middle East and Africa 2023 (IGF ME&A), Sitharaman said that COP 28 should show the direction to countries.

"There is a need for concrete action on climate funding and transfer of technology at the upcoming global climate summit," she said.

She said that India will certainly be pushing forward to showcase what it has achieved with its own funds.

"The Paris commitment given by us has been funded by us. We didn't wait for the hundred billion that is never on the table. A lot of talk, but no money coming on the table; No pathways to show how technology is going to be transferred,” she observed.

Demanding action instead of words, the Minister said that COP 28 should show the direction.

“Particularly for developing and emerging market economies, funding this is going to be a huge challenge. So, I would think the conversations can happen, a lot of talk can happen but eventually, COP 28 should show the direction, both for transfer of technology and for the actual funding,” she said.

Admitting that there would be challenges, Sitharaman said that the current geopolitical tensions in the Middle East would not affect the ambitious India-Middle East-Europe Corridor that was announced during the G20 Summit in September.

“It is a vision and a vision for long-term considerations and it is going to be a long-term project. It's not just going to depend on one or the other major event pertaining to the area. It is going to be pursued because India has a very good relationship with each of the Middle East countries," she said.

"So, IMEC, or the India Middle East Europe Economic Corridor is not going to be dependent on one or the other major event of concern, but it is something on which the vision drives the implementation in the long run. So, it's going to face challenges alright, but it has got its own strengths, and countries who are directly or indirectly in connection with this project are absolutely clear that this, through India, is going to be critical for global trade, global partnerships and also making sure that this corridor will benefit each one of these countries,” she added.

Related Topics
comment COMMENT NOW