Climate finance should be at least USD 1 trillion: Environment Minister Bhupender Yadav
The current challenges being faced by developing countries required intensified multilateral cooperation, he said
Arguing that climate finance cannot continue at the levels decided in 2009, Union Minister Bhupendra Yadav has said that it should be "at least USD 1 trillion to meet with the goals of addressing climate change".
Speaking at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) held on Tuesday on the sidelines of COP 26 in Glasgow, the Union Minister for Environment, Forest and Climate Change called upon them to work closely to protect the interests of developing countries.
This included 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, he said.
Yadav stressed that there should be a system to monitor climate finance as one had for monitoring mitigation.
Underlining the unity and strength of LMDC as fundamental in the 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.
India was working on ambitious climate actions in line with sustainable development priorities, he noted.
Yadav 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 Union 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.
According to the Union Ministry of Environment, Forests and Climate Change,
the countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear.
The points they emphasized on included:
* The outcomes of COP 26 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 about the empty promises of the developed countries and inability to deliver the USD 100 billion per year by 2020.
* They also called upon the speedy finalization of the Paris Rulebook.
The meeting was presided by Bolivian President Luis Alberto Arce Catacora. The participating countries in the meeting included India, China, Cuba, Nicaragua and Venezuela.