India will demand “action” in terms of climate finance, technology transfer and capacity building from developed countries to help developing countries fight climate change, Union Environment Minister Bhupender Yadav said on Thursday, ahead of the 27th edition of the Conference of Parties (COP) to UNFCCC.
“COP27 should be COP for action in terms of climate finance, technology transfer and capacity building. This is our overall approach. India will seek clarity as to what is being termed as climate finance — whether it is grants, loans or subsidies. Public and private finance should be separated. These issues will be taken up strongly,” the minister told reporters in New Delhi.
US President Joe Biden, UK Prime Minister Rishi Sunak and more than 100 heads of states are expected to attend the conference which will be organised at Sharm El-Sheikh in Egypt in from November 6 to 18.
It is not yet clear if Prime Minister Narendra Modi will attend it.
“Even some developed countries” will join India in strongly raising the issue of USD 100 billion per year for climate action in developing countries, an official said.
At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilize USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change.
India will also push for a new collective quantified goal (NCQG) for climate finance — a key accompanying decision to the 2015 Paris Agreement — from a floor of USD 100 billion per year.
“The developed countries should not only fulfil the climate finance promises made earlier, new collective quantified climate finance goals should be set. There should be transparent mechanisms to track climate finance,” Mr Yadav said.
A senior ministry official said India will seek more clarity on adaptation finance.
“Adaptation finance is something very crucial for the lives and livelihoods of people vulnerable to climate change. What are the soft loans that are available, what is the credit mechanism, insurance requirements… These are the issues that India will flag very strongly,” the official said.
The country will also look for collaborations in technology development in renewable energy and hard to abate sectors.
Mr Yadav asserted that India is one of the few countries who have met the climate targets set in Paris in 2015.
India this year updated its nationally determined contributions (NDCs) in keeping with the promises made by Prime Minister Modi at COP26 in Glasgow.
According to the updated NDCs, India now stands committed to reducing emissions intensity of its GDP by 45 per cent by 2030, from 2005 level, and achieving about 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
To further a healthy and sustainable lifestyle, “LIFE – Lifestyle for Environment as a key to combating climate change” has been added to India’s NDC.
NDCs are national plans and pledges made by countries to limit global temperature rise to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius.