New Delhi: Underburning the need for financial flow from rich countries to meet ambitious climate action targets from developing countries, including India, Minister of Environment Bhupender Yadav on Thursday called for the action and implementation of commitments made by developed countries.
He said the current speed and scale of climate finance and technology support from them “did not match global aspirations to combat climate change”.
“There is a need to assess the shipping and target of implementation support, including finance and technology,” said Yadav while almost overcoming the main economic forum (MEF) on energy and climate, which was held by US special envoys for climate change John Kerry.
His statement clearly shows that most developing countries will not be able to meet their respective climate action targets unless they get financial support from rich countries.
MEF, represents 80% of Global GDP, population, and greenhouse gas emissions, held to provide opportunities for ministers to discuss the progress carried out on anything that has been promised by countries in the 26th Session of the UN Climate Conference (COP26) in Glasgow ( COP26) in Glasgow, UK, last November.
Many countries, including India have promised the issuance of ‘zero zero’ emissions each at COP26.
Referring to the promises of developed countries that are not met in terms of financial support for developing countries, Yadav says multilateralism and the rule-based command “must be respected by all” without using unilateral steps, which will endanger other countries.
He also emphasized that the principles and conditions of the United Nations Convention, including ‘equity’ and ‘general responsibility but different and their respective capabilities’ (CBDR-RC) must continue to be a pillar of guidance for global efforts to combat climate change.
Minister’s statement raises the significance in the recent assessment background carried out by the McKinsey Global Consultancy Group in its report on the ‘Net Zero Transition’ where it notes how countries in sub-Saharan and Indian Africa need to invest 1.5 times or more From the economic sophisticated as part of GDP to support economic development and build low carbon infrastructure.
McKinsey’s report said the world needs to invest a total of $ 275 trillion or around $ 9.2 trillion every year for almost three decades to decade the economy to limit the increase in global temperatures to 1.5 degrees Celsius in an ambitious ‘zero zero’ emission plan in 2050.
Also said that Indian’s annual capital expenditure for this transition was “around 11% of GDP compared to the global average of around 7.5% of GDP”.
This means that the state will need to invest the relatively larger part of GDP to their trouble to become carbon neutral.
As part of the improved Indian target under the Paris agreement on climate change, the Prime Minister Narendra Modi in COP26 has committed that the state will reach 500 gw non-fossil energy capacity by 2030, reducing the intensity of GDP emissions by 45% in 20% year 20%.
The 2005 level, get 50% of its electric installed capacity from renewable sources in 2030, reduced 1 billion tons of carbon emissions by 2030, and became ‘net-zero’ in 2070.