HomeEconomyIndia Highlights Importance of Climate Finance for Developing Nations at G20 Summit

India Highlights Importance of Climate Finance for Developing Nations at G20 Summit

New Delhi: The Union Environment Minister, Bhupender Yadav, emphasized the significance of providing climate finance to developing countries during the G20 summit in September. Speaking at the Environment Minister’s Session of the Voice of Global South Summit, Yadav referred to the New Delhi Declaration, which stressed the commitment of developed countries to mobilize $100 billion annually from 2020 for developing nations. The declaration also called for doubling the contribution for adaptation finance by 2025.

Yadav highlighted the disproportionate impact of the pandemic, geopolitical tensions, and climate change on developing countries, leading to challenges and setbacks in their development. He mentioned the second edition of the Voice of Global South Summit, where over 400 countries participated, addressing issues such as bridging the digital divide, environmental degradation, sustainable development goals, and ecological harmony.

India, holding the G20 Presidency, played a catalytic role in disaster risk reduction by institutionalizing a working group for least developed countries and small island developing states. Yadav also outlined India’s efforts in dealing with land degradation, launching the global biofuels alliance, and actively contributing to the fight against climate change.

Despite India contributing little historically to global warming, Yadav emphasized the country’s ambitious commitments and domestic actions, achieving 44% of non-fossil fuel electrical capacity this year. He mentioned India’s Green Credit Program, sovereign green bonds, and the formulation of a sovereign green bond framework, raising around $1 billion this year.

The New Delhi Leaders’ Declaration, capturing the intent of G20 countries responsible for 80% of global greenhouse gas emissions to meet Paris Agreement goals, aligns with the principles of common but differentiated responsibilities and different national circumstances. The declaration estimates the need for $5.8-5.9 trillion in the pre-2030 period for developing countries and $4 trillion per year for clean energy technologies by 2030 to reach net-zero emissions by 2050.

These discussions and commitments are crucial as the global community prepares for COP28 next month, where climate finance-related matters will be a focal point for negotiations.

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