Environment

Climate finance must be at least USD 1 trillion: Union Minister Bhupender Yadav
Speaking at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) on Tuesday on the sidelines of COP 26 in Glasgow, the union minister called upon the LMDC countries to work closely to protect the interests of developing countries.

ByIFP Bureau

Updated on 3 Nov 2021, 9:31 am

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Union Environment, Forest and Climate Change Minister Bhupender Yadav urged that climate finance cannot continue at the levels decided in 2009. It should be at least USD 1 trillion to meet the goals of addressing climate change, the minister said.

Speaking at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) on Tuesday on the sidelines of COP 26 in Glasgow, the union minister called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced out come with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.

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 faced by developing countries require intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars.

The union minister appealed to 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 countries collectively demanded that 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 USD 100 billion per year by 2020. They also called upon the speedy finalisation of the Paris Rulebook.

The meeting, presided by Bolivian President Luis Alberto Arce Catacora, was participated by India, China, Cuba, Nicaragua and Venezuela.


 

IFP Bureau

IFP Bureau

IMPHAL, Manipur

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