WASHINGTON: Minister of Finance Nirmala Sitharaman has said that climate financing continues to be an area that is worried when it marks Indian concerns over the mechanism of funding and technology transfer.
His statement came before the COP26 summit to come to be held at Glasgow in England.
Leaders of nearly 200 countries, including India, will gather at a high-level peak in climate change, which is scheduled to be held from October 31 to November 12, to discuss advanced ways to overcome climate action and submit their updated targets.
Sitharaman said it was not clear how the $ 100 billion commitment per year given after COP21 was extended.
“From my side, of course, one of the problems I lift and it is also something that many people do ammunition, is we actually don’t know if there are actions given to measure if money spent on certain projects by someone will be part of $ The 100 billion, “Sitharaman said after the conclusion of his meeting at the International Monetary Fund (IMF) and the World Bank was here on Friday.
“So, what is $ 100 billion? How do we measure if actually $ 100 billion has been given or only a few of them have been given? So, not only $ 100 billion per year will come or not but how we measure it indeed comes or No, also one of the problems, “he said.
Sitharaman said several participants, both at the IMF and World Bank meetings, highlighted this particular problem.
“So funds continue to be a matter of concern for many countries, even as many as technology transfers,” he said.
“The problem is, once again, just like in funds, do we know which technology do we ask for the transfer? Do we know which is the things that must be considered for debate and transfer of technology,” Sitharaman said.
Responding to questions, the Minister of Finance confirmed that his vision of this was not a reflection of his dissatisfaction.
“I did not say it was a statement of this dissatisfaction because India’s commitment was fulfilled.
There are only six countries that maintain a nationally determined commitment.” India has more than doing it, and also proposes a report to show that this is what we have done.
What to achieve in 2030, we have reached …
almost achieved, and now we have increased our expectations on renewable (energy), we touch 450 gw (gigawatts), “said Sitharaman.” So, I don’t think I can Even for a moment, disappointed or dissatisfied, clear of our side.
We move with our own resources in fulfilling our commitment, “said Minister The specified nationally itself is very meaningful, “said Sitharaman.
He also expressed concern for planting oil prices.” So, even when I put more money into renewable energy and trying to be cleaner in the energy we produce, this price increase It is something that will be a concern for me, “Sitharaman said.
Responding to questions, the Minister of Finance said that the sustainable debt fund was discussed during the meeting.
In addition to the meeting at the IMF and the World Bank, Sitharaman has more than 25 bilateral involvement.
Sitharaman has concluded Washington DC-Leg from US journey.
From here, he will go to New York for an interactive session with KOM Business unitas before flying back home.
He began a long week trip from Boston on Monday.
Climate Financing Area Concerns: Sitharaman
