HomeMost PopularThe urgent need for adaptation finance and stressed that creating a global...

The urgent need for adaptation finance and stressed that creating a global foundation to increase transparency

Secretary, Ministry of Environment, Forests and Climate Change, Smt Leena Nandan, delivered her special remarks at a session on “Long-Term Strategy for Adaptation and Adaptation Preparedness in India” organized by The Energy and Resources Institute (TERI) today at the India Pavilion at COP27. Ms. Leena Nandan, Secretary, highlighted the urgent need for adaptation finance and stressed that creating a global foundation to increase transparency and investor confidence is a critical measure to enhance adaptation readiness.

Noting that adaptation must be at the forefront of development interventions, Ms. Nandan said, “Institutional set-up, action plan and resource mobilization all must go hand in hand and see the macro picture through the same lens.” During her speech, the Secretary strongly emphasized the need for information dissemination to strengthen communities for adaptation. When we talk about PPP, we need to redefine it as Pro Planet People, which is a clear call from the Prime Minister, she said. We should be able to move in the right direction in a planned and integrated way. We are aware of the challenges we face, now is the time to act, she concluded.

Noting that 90 percent of disasters are weather and climate change related, Mr. Kamal Kishore, Member Secretary, NDMA, and India Co-Chair, CDRI Executive Committee, emphasized that disaster risk reduction can be the basis for adaptation work. Mr. Kishore noted that along with better forecasting systems, deeper engagement with communities was key to reducing disaster risk. He also stressed the need to update the risk assessment.

Ms. Dipa Bagai, Head of India Office, NRDC, emphasized the need for sensible and thorough risk assessment and said, “We need heat action plans to be implemented more willingly, sensitively and with resources in all states. Making a good plan is only part of the solution. The important thing is that we are able to apply this solution.”

Ms. Mardi McBrien, Director of Strategic Alliances, International Sustainability Standard Board (ISSB), who participated in the discussion, said the board is set to create one global standard, a global basis for a global sustainability standard to develop investor confidence. and for reporting materials, climate and sustainability information to capital markets. “It will help move money from the Global North to developing and emerging economies to help finance mitigation and adaptation solutions,” Ms McBrien added.

Pointing out the need for adaptation mechanisms to be fair and inclusive, Ms. Rinika Grover, Head Sustainability & CSR, Apollo Tyres, said, “We cannot leave any section of the community at risk.” In her welcome address, Dr Vibha Dhawan, Director General of TERI, noted that the extreme weather events we have witnessed in the past few years have opened our eyes to the deadly effects of climate change and the urgent need for adaptation: When it comes to adaptation, it is necessary to look at all sectors including food production.”

Mr. RR Rashmi, Distinguished Fellow, TERI, identified three areas that require attention to enhance India’s adaptive preparedness to deal with climate change: “It is important to assess climate risks and vulnerabilities very clearly; then it will strengthen the adaptive capacity of communities and states to deal with risks and ultimately with resources.” TERI also made a presentation on “Adaptation Readiness and Long Term Strategy for Adaptation in India” at the event.

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