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COP26: India expresses ‘deep disappointment’ over finance for climate action

M. Ramesh | | | Updated on: Nov 09, 2021
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Calls for considerable increase in the scope, scale and speed of finance to plug the gap

India has expressed “deep disappointment’’ with the proceedings at the COP26 climate conference with regard to financing for climate action.

In her intervention at the ‘1st high-level ministerial dialogue on climate finance’, the leader of the Indian delegation, Richa Sharma, said: “At the outset, we record our deep disappointment with the deliberations in the COP so far.’’

Global action on climate change is contingent on the delivery of timely and adequate finance.

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Developed countries had in 2009 committed to mobilise $100 billion per year from 2020, but that has not been met. There is a huge gap between the requirement and the extent of mobilisation. Developed countries have to decisively deliver on their commitments — a precondition for climate action by developing countries.

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Calling for “considerable increase in scope, scale and speed of finance’’, Sharma said the key criteria while determining the quantifiable contributions must reflect the commitments made at the convention.

She pointed out that India has, on behalf of ‘like-minded developing countries’, released a position paper on the definition of climate finance, and said, “we would like this to be taken into consideration in a meaningful manner’’.

Stressing the importance of adaptation finance to developing countries (to help them ‘cope with’ the already inevitable consequences of global warming, as opposed to mitigation, which is prevention of further warming), Sharma said resources flows should be equally divided between mitigation and adaptation.

Further, calling for greater transparency and predictability of finance flows, she said, “Our expectation of the COP26 is that it puts in place a structured process for provision of finance.

“However, the view of the developed countries to have incessant workshops and seminars on who the resource providers should be, is a matter of concern.”

Published on November 09, 2021

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