Environment Minister reiterates PM Modi’s demand of $1 trillion climate finance

Indian Map for Representational Purposes only. NYK Daily respects and adheres to all rules and regulations pertaining to the Map of India keeping in mind it's sanctity and legal accuracy as per Government of India.

Calling upon the Like Minded Developing Countries (LMDC) to work closely to protect the interests of developing countries, Union Minister for Environment, Forests and Climate Change, Bhupender Yadav urged that climate finance cannot continue at the levels decided in 2009 and it should be at least $1 trillion to meet with the goals of addressing climate change.

The Environment Minister was speaking at the Ministerial meeting of the LMDC on the sidelines of COP26 in Glasgow. The meeting was presided by the Bolivian President, Luis Alberto Arce Catacora and the participating countries in the meeting included India, China, Cuba, Nicaragua and Venezuela.

Underlining the unity and strength of LMDC as fundamental in the United Nations Framework Convention on Climate Change (UNFCCC) negotiations to preserve the interest of the global south in fight against climate change, Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars, a release from the Ministry said.

The Environment Minister underscored that under the dynamic and visionary leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities. He requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI) and the Leadership Group for Industry Transition (LeadIT).

The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC and expressed the need to ensure resources to TWN, the release added.

Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced outcome with equal treatment to all agenda items, including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.

The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear. The outcomes of COP26 must respect the fundamental principles of Convention, including equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC).

The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building. They highlighted the empty promises of the developed countries and inability to deliver the $100 billion per year by 2020. They also called upon the speedy finalization of the Paris Rulebook.

Previous articlePM Modi’s ambitious dream of GGI-OSOWOG launched at COP26
Next articleDjokovic struggles but wins opening-round game at Paris Masters
Arushi Sana is the Co-Founder of Santerra Living, a bio-pellet factory that makes a renewable form of eco-coal and Co-Founder of NYK Daily, a global news platform. She was awarded the Times Power Women of the Year 2022, Times Digital Entrepreneur of the Year 2023, Silicon India's Top 10 Women Owned Startups of Hyderabad 2023 and IHW Council Climate Health Influencer 2024. Arushi is also a speaker for Sustainability and Entrepreneurship at various forms like the World Bank, UN International Solar Alliance and Universities, and was also invited to the UN COP28 UAE Climate Conference. She is a Sustainability Consultant for organisations looking to reduce their carbon footprint and also works with brands on social media to help them carve a presence in that niche. She holds a Degree in Computer Science Engineering from VIT University and a Diploma in Marketing Analytics from IIM Nagpur. She has previously worked in Ernst & Young and Deloitte as a Forensic Data Analyst. Arushi is a writer, political researcher, a social worker, a farmer and a singer with an interest in languages. Travel and nature are the biggest spiritual getaways for her, and she aims to develop a global community of knowledge and journalism par excellence through this News Platform.

Was it worth reading? Let us know.