COP24: India calls for funds from rich to developing countries to fight climate change

Prime Minister Narendra Modi and UN chief Antonio Guterres held discussions about climate change and India’s support for the Paris Climate Agreement on the sidelines of the G-20 Summit. Secretary-General Guterres and the Indian leader “discussed the UN Climate Change Conference (COP24) and the importance of the completion of the Paris Agreement Work Programme, its transparency framework and climate finance,” UN chief’s spokesman Stephane Dujarric told reporters on November 30, according to PTI.

India has made a strong case for funds from developed countries to developing nations to fight climate change, which is adversely affecting people around the globe. In a discussion paper released on the sidelines of COP 24 to UNFCCC at Katowice, Poland, the Finance Ministry said that in 2016, developed countries published a USD 100 billion roadmap, which claimed that public climate finance levels had reached USD 41 billion per year in 2013-14. However, these claims have been contested by many.

An Indian government discussion paper in 2015 noted that only credible number is USD 2.2 billion in 2013-14. The 2017 numbers also tell a similar story as only around 12% of total pledges to multilateral climate funds have actually materialised into disbursements. “The message is loud and clear we need to establish more credible, accurate and verifiable numbers on the exact size of the climate finance flows from developed to developing countries. Modalities for accounting of financial resources cannot be at the discretion of a particular country,” it said.

The paper argues that in order to have a transparent reporting of climate finance, the accounting framework has to be robust with concrete definitional requirements. While the financial requirements of developing countries run into trillions of dollars, the commitments made by the developed countries for enhancement and support in relation to climate finance is not clearly translated into reality.

Equally important is the issue of reporting and tracking of climate finance, it said.

The Paper finds serious concerns with the various numbers on climate finance reported by the developed countries. Definitions of climate change finance used in various reports were not consistent with the UNFCCC provisions and methodologies used were also questionable, it added.

It further said while the developing countries like India have been taking many actions against climate change and adapting to its adverse effects best to their own abilities and national circumstances, as mandated in the UNFCCC and its Paris Agreement, the climate actions of developing countries have to be supported by climate finance flows from developed to developing countries.

“Yet the progress achieved is not quite satisfactory,” it said.

Source: PTI

This article is part of a series on climate change action in view of COP24