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COP26 Glasgow Summit: India calls for hike in climate finance to $1 trillion

COP26 Glasgow Summit: India calls for hike in climate finance to $1 trillion

Speaking at the Ministerial meeting of Like-Minded Developing Countries (LMDC) in Glasgow, Union Environment Minister Bhupender Yadav also called upon the LMDC countries to work closely to protect the interests of developing countries.

The meeting - attended by representatives from China, Cuba, Nicaragua and Venezuela among others - was presided over by the Bolivian President Luis Alberto Arce Catacora. The meeting - attended by representatives from China, Cuba, Nicaragua and Venezuela among others - was presided over by the Bolivian President Luis Alberto Arce Catacora.

India said on Tuesday that climate finance could not continue at the levels decided in 2009 and emphasised that it should be at least USD 1 trillion to address climate change.

Speaking at the Ministerial meeting of Like-Minded Developing Countries (LMDC) at the 26th international climate conference underway in Glasgow, Union Environment Minister Bhupender Yadav also called upon the LMDC countries to work closely to protect the interests of developing countries.

"Climate finance cannot continue at the levels decided in 2009. It should be at least USD 1 trillion to meet the goals of addressing climate change and there should be a system to monitor climate finance as we have for monitoring mitigation, Yadav said at the meeting.

The meeting - attended by representatives from China, Cuba, Nicaragua and Venezuela among others - was presided over by the Bolivian President Luis Alberto Arce Catacora.

Underlining the unity and strength of LMDC as fundamental in the UNFCCC (United Nations Framework Convention on Climate Change) negotiations to preserve the interest of the Global South in fight against climate change, Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars.

He underscored that under the leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities.

The environment minister requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI) and the Leadership Group for Industry Transition (LeadIT).
He also appreciated the efforts of the Third World Network (TWN) for its support to LMDC, and expressed the need to ensure resources to TWN.

Yadav stressed on the developing nations' need to ensure a balanced outcome with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.

The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear.

"The outcomes of COP 26 must respect the fundamental principles of Convention, including equity and common but differentiated responsibilities and respective capabilities (CBDR-RC). The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building, the minister said.

The LMDC countries highlighted the empty promises of the developed countries and the inability to deliver the USD 100 billion per year by 2020 and also called upon the speedy finalization of the Paris Rulebook.

Published on: Nov 03, 2021, 1:43 PM IST
Posted by: Sana Ali, Nov 03, 2021, 1:37 PM IST