Union Minister of Environment, Forest and Climate Change Bhupender Yadav will lead the Indian delegation to attend the 27th Session of the Conference of Parties to the UNFCCC (COP 27), scheduled to be held in Sharm El-Sheikh, Egypt, from 6 to 18 November.
India is fully engaged with the process and is supportive of the efforts by Egypt government for substantive outcomes at COP 27. In the 56th Session of the Subsidiary Bodies held in June 2022 in Bonn, developing countries made it clear that UNFCCC (United Nations Framework Convention on Climate Change) is the centre of the collective and multilateral response to the issue of climate change.
There must be a faithful, balanced, and comprehensive implementation of the Convention and the Paris Agreement, in accordance with its goals and principles.
An Environment Ministry release said that 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. .
“While the Standing Committee on Finance will submit a report on the various definitions, we should have good deliberations on this to arrive at a common understanding. The interpretation of the term must be in line with the commitments made by the countries on climate finance in the Convention and its Paris Agreement,” the release added.
It said the goal of USD 100 billion per year of climate finance by 2020 and every year thereafter through 2025 is yet to be achieved.
“Due to lack of common understanding, several estimates of what has flown as climate finance are available. While the promised amount must be reached as quickly as possible, there is a need now to substantially enhance the ambition to ensure adequate resource flow under the new quantified goal post-2024.”
