Climate finance should at least be $1 trillion: India at COP26 Climate Summit in Glasgow

Climate finance should at least be $1 trillion to meet the goals of addressing climate change, said Union Environment, Climate Change Minister Bhupender Yadav during the LMDC Ministerial Meet at COP26 Climate Summit in Glasgow.

Created On: Nov 3, 2021 14:13 IST
Union Environment, Climate Change Minister Bhupender Yadav at COP26, Source: ANI
Union Environment, Climate Change Minister Bhupender Yadav at COP26, Source: ANI

Union Minister for Environment, Forest and Climate Change Bhupender Yadav on November 2, 2021, stressed upon India’s position that climate finance should be increased to at least $1 trillion to meet the goals of addressing climate change as it cannot continue at the levels decided in 2009. There should be a system for monitoring climate finance just as we have for monitoring mitigation. Yadav called all the Like-Minded Developing Countries (LMDC) to work closely on protecting the interests of developing countries.

While speaking at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) on the sidelines of COP26 in Glasgow, Yadav said that the unit and strength of LMDC is fundamental in the United Nations Framework Convention on Climate Change (UNFCCC) negotiations for preserving the interest of the Global South in the fight against climate change. India, Cuba, China, Venezuela, and Nicaragua were the participating countries in the meeting.

Also read: COP26: India will achieve net-zero carbon emissions target by 2070, PM Modi at the Climate Summit in Glasgow

Also read: Climate Change: State of the Climate in Asia 2020 Report – Know Key Highlights

India calls for hike in climate finance to $1 trillion: Union Environment, Climate Change Minister Bhupender Yadav at LMDC Ministerial meet at COP26 Glasgow

Stressing upon India’s position that climate finance should be increased to at least $1 trillion to meet the goals of addressing climate change as it cannot continue at the levels decided in 2009. There should be a system for monitoring climate finance just as we have for monitoring mitigation, said Union Environment, Forest and Climate Change Minister Bhupender Yadav at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) on the sidelines of COP26 in Glasgow.

India under the leadership of PM Narendra Modi is developing ambitious climate actions in line with sustainable development priorities.

Yadav called all the Like-Minded Developing Countries (LMDC) to collaborate with India for supporting global initiatives such as the International Solar Alliance (ISA), the Leadership Group for Industry Transition (LeadIT), and the Coalition for Disaster Resilient Infrastructure (CDRI).

Yadav also mentioned that the current challenges of developing countries require intensified multilateral cooperation in place of intensified geopolitical competition and global economic and trade wars.

Yadav requested all the LMDC countries to work closely for protecting the interests of developing countries including the need to ensure a balanced outcome with equal treatment to all agenda items such as adaptation, finance, response measures, market mechanisms as well as decisions on the delivery of transfer of environment-friendly technologies.

The Like-Minded Developing Countries (LMDC) collectively also stated that their voices be heard loud and clear. The outcomes of COP26 must respect the fundamental principles of the Convention including equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC).

The LMDC collectively also dwelled on the inability and empty promises of the developed countries to deliver the USD 100 billion per year by 2020. They also deliberated on speedy finalization of the Paris Rulebook. The LMDC has stated that the developed countries must offer means of implementation to developing countries in terms of climate finance, capacity building, and technology transfer.

Meanwhile, Yadav expressed appreciation for the efforts of the Third World Network (TWN) for supporting LMDC. He stated the need to ensure resources to TWN.

Also read: CoP26: What is the UN Climate Conference and Why is it significant?- Know in detail

Also read: India, UK restates commitment to climate action ahead of COP26 Summit

Also read: Climate Change: UNEP Emissions Gap Report 2021 – Top 10 Key Highlights

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