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India to seek clarity on $100 billion climate financing at COP27


India is set to push for clarity on the definition of finance for developing nations during the 27th Session of the Conference of Parties of the UNFCCC (COP27), to be held in Sharm El-Sheikh, Egypt, from November 6-18.

The session is likely to witness discussions related to finance and clarity on its definition. In a press release Friday, the government said that India “looks forward to substantial progress” on the discussions related to achieving $100 billion per year in financing and clarity on its definition.

“There must be a faithful, balanced and comprehensive implementation of the Convention and the Paris Agreement, in accordance with its goals and principles,” it said.

During a session of the subsidiary bodies in June this year, developing countries made it clear that UNFCCC is the centre of the collective and multilateral response to the issue of climate change.

“As it is a saying that what gets measured gets done’, more clarity is needed on the definition of for the developing countries to be able to accurately assess the extent of finance flows for climate action,” it said.

Union Minister of Environment, and Climate Change Bhupender Yadav will represent India at the session.

The government said India is fully engaged with the process and is supportive of the efforts by the Egyptian government for “substantive outcomes” at .

“The goal of $100 billion per year of climate finance by 2020 and every year thereafter through 2025 is yet to be achieved. Due to lack of common understanding, several estimates of what has flown as climate finance are available. 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,” it said.

The government said India would also encourage countries to join the LiFE movement — Lifestyle for — aimed at shifting the world from mindless and wasteful consumption to mindful and deliberate utilization of natural resources.

COP26 was held in Glasgow in the UK around this time last year.


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