Union Environment Minister Bhupendra Yadav on Wednesday mentioned India is exhibiting intent as an issue solver regardless of not being a conventional contributor to international emissions.
Addressing the opening ceremony of the G20 Environment and Climate Ministerial assembly in Bali, Indonesia, he additionally mentioned that the present tempo and scale of local weather finance from developed nations just isn’t matching with the worldwide aspiration to sort out local weather change.
“While India has not been a traditional contributor to global emissions, we are showing an intent to solve the problem in our actions,” he mentioned.
Yadav mentioned the utmost impression of the local weather disaster is being borne by the poorest nations and essentially the most susceptible communities, who’ve contributed the least to the local weather disaster and lack the know-how and capability and funds to considerably change the established order. .
“However, the promise of climate finance remains a mirage. An additional problem is the linking of development finance with climate finance,” he mentioned.
“In 2019, 70 per cent of public climate finance was given in the form of loans rather than grants. In 2019-20, only six per cent of climate finance was in grants. This is pushing developing countries into more debt,” the minister mentioned.
“There is an urgent need to mobilize resources to stimulate the economy in a way that makes it more resilient and sustainable. But the current pace and scale of climate finance from developed countries is not matching with the global aspiration to tackle climate change,” Yadav mentioned.
With inputs from TheIndianEXPRESS
