The 27th edition of the Conference of Parties (COP) to UNFCCC will start Sunday and it will see India seeking clarity on the definition of climate finance and nudging developed countries to enhance supply of technology and finance needed to address climate change and resulting disasters.
Union Environment Minister Bhupender Yadav will lead the Indian delegation at the conference which will run from November 6 to 8 at Sharm El-Sheikh, Egypt.
One hundred and ninety eight parties to UNFCCC gather once a year to discuss how to jointly address climate change.
US President Joe Biden, UK Prime Minister Rishi Sunak and more than 100 heads of states are expected to attend the conference. It is not yet clear if Prime Minister Narendra Modi will attend it.
According to the Union Environment Ministry, India looks forward to substantial progress on the discussions related to climate finance and clarity on its definition.
“As it is a saying that ‘what gets measured gets done’, more clarity is needed on the definition of climate finance for the developing countries to be able to accurately assess the extent of finance flows for climate action,” it said in a statement.
The absence of a definition allows developed countries to greenwash their finances and pass off loans as climate-related aid.
“India will seek clarity as to what constitutes climate finance whether it is grants, loans or subsidies,” Yadav told reporters on Thursday.
At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise USD 100 billion per year by 2020 to help developing countries tackle climate change, but they have miserably failed in doing so.
Along with other developing countries, India will ramp up pressure on rich nations to deliver on this promise.
According to the fourth Biennial Assessment of the Standing Committee on Finance of the UNFCCC, the total public financial support reported by developed countries in October 2020 amounted to USD 45.4 billion in 2017 and USD 51.8 billion in 2018.
