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At the global forum on climate, the environment minister reminds wealthy nations of their financial commitments

At the global forum on climate, the environment minister reminds wealthy nations of their financial commitments

NEW DELHI – Underlining the necessity of financial flow from rich countries for meeting ambitious climate action targets of developing nations, including India’s, environment minister Bhupender Yodav called on Thursday for action and implementation by developed countries. He stated that the current pace and scale in which climate finance and technology support is provided by developed countries “are not meeting the global aspiration to fight climate change.”
Yadav said, “There is a need to upscaling delivery and targets implementation support including finance and technologies.” He was speaking virtually at the Major Economies Forum on Energy and Climate, hosted by John Kerry, the US special envoy for global climate change.
His comment clearly indicated that most developing countries won’t meet their climate-action goals unless they receive financial support from rich nations.
The MEF is 80% of world GDP, population and greenhouse gas emission. It will provide ministers with an opportunity to discuss the progress made in implementing the commitments made at the 26th UN climate conference (COP26), held in Glasgow, UK. Many countries, including India, had pledged their respective ‘net zero” emission goals at COP26.
Yadav referred to unfulfilled promises by developed countries regarding financial support for developing countries. He said that multilateralism and its rules based order “should all be honored” without resorting unilaterally to harm other countries.
He also stressed that the UN convention’s principles and provisions, including ‘equity and ‘common but different responsibilities and respective abilities’ (CBDRRC), should continue to be the guiding pillars for global efforts to combat climate changes.
The minister’s remarks are significant considering the recent McKinsey report on “net zero transition” where it noted that countries in subsaharan Africa and India would have to invest 1.5 times or more in their GDP to support economic growth and build low-carbon infrastructure.
According to McKinsey, the world will need $275 trillion or $9.2 trillion per year for almost three decades to decarbonize the economy and limit global temperature rise to 1.5 degrees Celsius. This is according to an ambitious ‘net zero emission’ plan by 2050.
It stated that India’s annual capital expenditures on this transition would be about 11% of its GDP, compared to the global average which is 7.5% of GDP. This means that the country would have to invest a greater percentage of its GDP in order to become carbon neutral.
Prime Minister Narendra Modi, as part of India’s enhanced climate change targets, had pledged at COP26 that India would achieve 500 GW of nonfossil fuel energy capacity by 2030, reduce GDP’s emissions intensity by 45% by 2030 and get 50% of its electricity from renewable sources by 2030. He also promised to reduce 1 billion tonnes carbon emissions by 2030. India will be ‘net-zero by 2070.
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