India Tuesday made a strong case for funds from developed countries to developing nations to fight climate change, which is adversely affecting people around the globe.
However, these claims have been contested by many.
United Nations Framework Convention on Climate Change (UNFCCC) recognised the pivotal role finance plays in climate actions and mandates countries to provide financial resources, including for the transfer of technology needed by the developing countries to take climate actions.
An Indian government discussion paper in 2015 noted that only credible number is USD 2.2 billion in 2013-14. The 2017 numbers also tell a similar story as only around 12 per cent of total pledges to multilateral climate funds have actually materialised into disbursements.
"The message is loud and clear we need to establish more credible, accurate and verifiable numbers on the exact size of the climate finance flows from developed to developing countries. Modalities for accounting of financial resources cannot be at the discretion of a particular country," it said.
The paper argues that in order to have a transparent reporting of climate finance, the accounting framework has to be robust with concrete definitional requirements.
While the financial requirements of developing countries run into trillions of dollars, the commitments made by the developed countries for enhancement and support in relation to climate finance is not clearly translated into reality.
Equally important is the issue of reporting and tracking of climate finance, it said.
The Paper finds serious concerns with the various numbers on climate finance reported by the developed countries. Definitions of climate change finance used in various reports were not consistent with the UNFCCC provisions and methodologies used were also questionable, it added.
The paper, the ministry said, attempts to identify the essential elements, step by step, for a robust and transparent accounting of climate finance flows from developed to developing countries.
It further said while the developing countries like India have been taking many actions against climate change and adapting to its adverse effects best to their own abilities and national circumstances, as mandated in the UNFCCC and its Paris Agreement, the climate actions of developing countries have to be supported by climate finance flows from developed to developing countries.
"Yet the progress achieved is not quite satisfactory," it said.
In December 2015, at CoP 21 in Paris, India had strongly called for a robust system of measurement, reporting and verification of climate finance under the UNFCCC to ensure transparency and credibility.
The worldwide call for stepping-up climate actions is louder than ever with the release of the recent IPCC 1.5C report (IPCC, 2018). The Report has warned of a warmer Planet and called for unprecedented actions to address climate change.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)