India needs over $ 1 trillion to meet its requirements to counter climate change and is pushing for a meaningful resolution of the issue of longterm finance at the global climate negotiations in Bonn.
The developed countries are yet to act on their sevenyear- old pledge to provide $ 100bn every year by 2020 to developing and poor countries likely to face the worst impacts of climate change, without specifying a clear road map for the target amount.
” We need not always wait for scientific reports to act. Additional and early pre- 2020 actions by developed countries and the provisions of finance, technology transfer and capacity- building support to developing countries are critical to limit the global temperature rise to 2 degrees, ” Indian environment, forest and climate change minister Harsh Vardhan said in his speech during a high- level segment of the conference on Thursday.
During the segment, UN secretary- general Antonio Guterres praised India and China for remaining on track to meet the Paris pledges.
” There has been a start on decoupling emissions from economic growth and massive economies such as China and India are on track to surpass their Paris pledges, ” he said.
Earlier during a meeting at the Indian pavilion in Bonn, Raji Gain, chief general manager of Nabard, the national bank playing a key role in climate finance, said the country needed $ 206bn to support plans to curb emissions, $ 189bn to execute national and statelevel climate action plans and $ 834bn for low carbon growthrelated mitigation.
Experts present at the meeting rooted for more international support as India has only one project supported by the Green Climate Fund and six more backed by the Global Adaptation Fund. Both are globally financed reservoirs of funds to help support climate change- linked action.
” We presently have $ 700 million, of which $ 465 million have already been allocated.
However, we are receiving a massive number of proposals every month. For example, we received proposals worth $ 200 million recently, ” Mikko Ollikainen, manager of the secretariat of the Adaptation Fund, told The Telegraph . Earlier India, along with Brazil, China and South Africa, expressed ” deepest concern ” over the attempts of some developed countries to unilaterally tweak the criteria for providing finance to the developing countries through multilateral funding agencies.