COP 27: Green India Seeks Clarity on Climate Finance
The 27th Conference of the Parties to the United Nations Framework Convention on Climate Change—COP 27, was held on November 6, 2022 in the coastal city of Sharm el-Sheikh city in Egypt. Explaining India’s stance at the conference, Bhupender Yadav, Union Minister of Environment, Forest and Climate Change, said in a press release, “India looks forward to substantial progress in the discussions related to climate finance. We also look forward to the introduction of new technologies and new collaborations to facilitate technology transfers.” India’s main objective at COP 27 According to the UN, the planet needs to invest almost $90 trillion in climate-related infrastructure over the next 15 years in order to reduce carbon emissions. According to their estimates, countries may generate an estimated $4 for every $1 spent by switching to a green economy. In line with this, the term “Climate Finance” was coined, and the developed countries participating in COP 15 in 2009 committed to a collective goal of mobilising USD 100 billion per year by 2020 for climate action in developing countries. However, as shown in the above graph, the goal of contributing $100 billion per year till 2020 and $100 billion each year till 2025 is yet to be achieved. As per the press release by Press Information Bureau (PIB), “While the promised amount must be reached as quickly as possible, there is a need now to substantially enhance the ambition to ensure adequate resource flow under the new quantified goal post-2024.” As per reports, to meet its clean energy goals by 2030, India needs an estimated $230 billion. According to a senior government official, “India has made it adequately clear that it is the historical responsibility of rich countries to provide the necessary climate funding.” India’s main goal, thus, at COP 27 will be to force the UN to define what “Climate Finance” entails. For developing nations to effectively gauge the magnitude of financial inflows for climate action, the government contends that the notion of climate financing needs to be explained unambiguously. A report on the various definitions will be provided by the Standing Committee on Finance. India’s contribution to global carbon emission So far, India has contributed comparatively less to global carbon emissions than both China and the US. The nation, which has a population of about 1.4 billion, has so far emitted significantly less carbon dioxide than is reasonable. According to the Indian government, because it is a growing nation with sustainable development and poverty eradication among its top priorities, its emissions are likely to increase. The total amount of carbon dioxide (CO2) emissions allowed over time with the possibility of keeping global warming to 1.5 °C above pre-industrial (1850–1900) levels is known as the global carbon budget. According to Union Minister Ashwini Kumar Choubey’s statement to the Rajya Sabha, India’s per capita emissions are 1.96 tonnes which is less than one-third of the world’s per capita GHG (greenhouse gas) emissions. He further noted that India’s annual emissions in 2016 are only about 5% of the global emissions. “India has contributed only around 4% of global cumulative emissions from 1850 to 2019, despite being home to around one-sixth of humanity,” quoted Choubey. It should also be emphasised that India is the only G20 nation on track to reach the goals set forth in the Paris Climate Agreement, according to the UN Environment Program’s Emission Gap Report. The country intends to decrease its GDP’s emission intensity, or the amount of carbon emissions produced for every unit of GDP, from 2005 levels to an estimated 35% by 2030. The Indian government firmly believes that the country will reach its goal of generating at least 40% of its electricity from non-fossil fuel sources by 2023, seven years before the target year of 2030. (India’s growing Solar Energy usage)
India’s main goal at COP 27 will be to force the UN to define what “Climate Finance” entails.
India's main goal at COP 27 will be to force the UN to define what "Climate Finance" entails.
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