India has exposed the claims of developed countries on climate finance issues: Government

India has exposed the claims of developed countries on climate finance issues: Government

New Delhi. The central government has said that India has been at the forefront of raising climate-related finance issues, saying that its efforts have exposed the exaggerated claims of developed countries that they are not able to meet the needs of developing countries. Committed to raising a combined $100 billion annually. At the 15th Conference of the Parties (COP-15) to the United Nations Climate Change Activists' Conference (UNFCCC) held in Copenhagen in 2009, developed countries jointly raised US$100 per year by 2020 to meet the needs of developing countries. expressed commitment. Due to the failure of the developed countries to meet their commitment, it was decided to extend the target of $100 billion per annum to the year 2025 at the COP-21 meeting held in Paris.

Minister of State for Environment, Forest, and Climate Change Ashwini Choubey said in a written reply to a question in the Rajya Sabha on Thursday, "India has been at the forefront of raising the issues of climate finance. India's efforts have repeatedly falsified the claims of agencies in developed countries that this target is close to being met. At the same time, it has been pointed out that the climate finance mobilized at present is very meager. has also been a leader in He said India has always maintained that climate finance, new and additional (concerning foreign development assistance) should be primarily in the form of grants, not loans. At the same time, it must be balanced between mitigation and adaptation. The Union Minister said that at present there are many issues about the vision of climate finance and the assessments and progress made and the extent to which the fundraising targets can be achieved. The Fourth Biennial Assessment of the UNFCCC Standing Committee on Finance presented an updated review and trends on climate-related finance flows to 2018 with total public funding of $45.4 billion in 2017 and $51.8 billion in 2018.

Choubey said, "The final decision of Glasgow's COP-26 at an unprecedented stage noted with great regret that this commitment of the Parties to the developed countries in terms of meaningful mitigation actions and transparency on implementation has not yet been fulfilled." He said that in the final decision of the COP-26 it was agreed that the meeting of the Parties to the Paris Agreement before the meeting of the year 2025, taking into account the needs of developing countries, a new threshold of $100 billion per annum will be established. A collective quantitative target will be set. "This goal is to be publicly funded with greater transparency and take a balanced approach towards mitigation and adaptation keeping in mind the need of the developing countries," the Union Minister said. The U.S. climate action has so far been largely funded from domestic sources, including through a combination of market mechanisms and policy interventions, as well as government budgetary support. He said that as per the Third Annual Study Report of India, the finance raised domestically is much more than the total amount of international funding. The Union Minister said that climate change is a global problem that requires collective action and which has to be solved through multilateralism.