COP 27: India to seek action on climate finance, technology transfer, ‘loss and damage’

Vibha Sharma

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Tribune News Service

New Delhi, November 4

Environment Minister Bhupender Yadav, who will lead the Indian delegation at the 27th Session of Conference of Parties of the UNFCCC (COP 27) at Sharm El-Sheikh, will seek action on key issues related to climate finance, technology transfer and ‘loss and damage’.

“India is committed to domestic action and multilateral cooperation on climate change and was looking forward to substantial progress on discussions related to climate finance and clarity on its definition. Reaching the $ 100 billion per year goal must come first, and the developed countries must be asked to show the roadmap for the same,” the Environment Ministry said ahead of the November 6 to 18 climate conference in Egypt.

As it is a saying that “what gets measured gets done”, more clarity is needed on the definition of climate finance for the developing countries to be able to accurately assess the extent of finance flows for climate action. “Loss and damage must also be on the agenda of COP27 and there must be specific progress on the issue of loss and damage finance, it added.

“The goal of $ 100 billion per year of climate finance by 2020 and every year thereafter through till 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,” India said, adding that it will support the Egyptian Presidency for a plan of action that answers the needs of developing countries.

“Adaptation and loss and damage are two issues at the centre of attention, and a progress on these two issues will complement each other

“Strengthening of the financial mechanisms of UNFCCC and its operating entities is imperative to meet the climate finance delivery goals,” it added, saying that the Egyptian Presidency of COP 27, which is also a member of the Like Minded Developing Countries, has rightfully named COP 27 as the COP of “Implementation”.

“India welcomes this step as over the last twelve months the world has seen the widening gap between the statements by developed countries at COP 26 in Glasgow and the reality of their actions,” it added

Quoting the 56th Session of the Subsidiary Bodies in June 2022 in Bonn, where developing countries made it clear that UNFCCC is the centre of the collective and multilateral response to the issue of climate change, India said there must be a “faithful, balanced and comprehensive implementation” of the Convention and the Paris Agreement, in accordance with its goals and principles.

“While the Standing Committee on finance will submit a report on the various definitions, we hope to have good deliberations on this to arrive at a common understanding. The interpretation of the term must be in line with the commitments made by the countries on climate finance in the Convention and its Paris Agreement.”

India said the discussion on the new collective quantified goal in the ad-hoc working group must focus on the quantity of the resource flow and also on the quality and scope.

“The existing financial mechanisms, like GEF, GCF and Adaptation Fund, under the Convention have not been able to mobilise or deliver funds for loss and damage due to climate change. These mechanisms are under-funded; accessing funding is cumbersome and time-consuming; and most of the funding is for mitigation. Adaptation funding is highly inadequate and loss and damage funding is perhaps none at all.

“These are the circumstances based on which G77 and China has proposed adoption of an agenda item on loss and damage finance. It is the time that this issue is accorded prominence on the climate agenda that it rightfully deserves,” it added

On Global Goal on Adaptation, there needs to be significant progress on actions, indicators and metrics, it said, adding that there must not be any hidden agenda of mitigation, especially in the form of nature-based solutions, in the name of co-benefits.

“The Work Programme on Enhanced Ambition in Mitigation and Implementation cannot be allowed to change the goal posts set by the Paris Agreement. The GST process and the other mechanisms of the Paris Agreement, including enhanced NDCs and submission of the long-term low emissions development strategies, are sufficient. In the Mitigation Work Programme best practices, new technologies and new modes of collaboration for technology transfer and capacity building may be discussed fruitfully”

Meanwhile, India will emphasise again on its invitation to all countries to join the LiFE movement – Lifestyle for Environment, a pro-people and pro-planet effort that seeks to shift the world from mindless and wasteful consumption to mindful and deliberate utilisation of natural resources.