India says it expects climate finance of USD one trillion ‘at the earliest’

Glasgow, November 3

India on Wednesday highlighted the importance of climate finance and transfer of low-cost technologies and said it expects climate finance of USD one trillion “at the earliest” in view of its new commitments.

Union Environment Minister Bhupender Yadav made the remarks after meeting Scotland’s Finance Minister Kate Forbes on the sidelines of the crucial international climate conference COP26 here.

“Had a wonderful meeting with Her Excellency Ms @_KateForbes, Minister of Finance and Economy, Scotland. On behalf of the Indian delegation thanked the Scottish administration for holding the event so professionally and the excellent hospitality extended by the people of Scotland,” Yadav tweeted.

“With PM Shri @narendramodi ji setting new benchmarks and India resolving to move forward with a new commitment, the transfer of climate finance and low-cost climate technologies becomes more important. India expects climate finance of $1 trillion at the earliest,” he said in another tweet.

Yadav is in Glasgow representing India at the 26th Conference of Parties, which commenced on October 31 and will conclude on November 12. The UK is presiding over the conference.

In the last two days, Prime Minister Narendra Modi made significant announcements, including the bold pledge of India becoming net zero by 2070.

Besides the net zero target, Modi also raised India’s Nationally Determined Contributions (NDCs) of achieving 450 giga watt non-fossil energy capacity to 500 giga watt by 2030.

“India will increase its non-fossil energy capacity to 500 giga watt by 2030; India will fulfil 50 per cent of its energy requirements from renewable energy sources by 2030. Between now and 2030, India will reduce its total projected carbon emissions by 1 billion tonnes, and by 2030; India will reduce the carbon intensity of its economy by 45 per cent and India will achieve the target of net zero by 2070,” the prime minister said, adding that “these five elixirs will be an unprecedented contribution by India towards climate action”.

He also asserted that it is the only country that is delivering in “letter and spirit” the commitments on tackling climate change under the Paris Agreement. — PTI

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