NEW DELHI: Amid the clamour for ‘net-zero’ emission target and consistent diplomatic pressure on India to join the league by raising its climate action ambition, the country has spelt out that the new goal should be linked to finance as the rich nations have, so far, not fulfilled their commitments of financial support to the developing countries.
“I put across India’s stand clearly and stressed that for ambitions to be high, finance should be an integral part of it,” tweeted Prakash Javadekar, Union environment minister, after addressing virtual climate and development ministerial meet, hosted by United Kingdom - the COP26 (26th session of the UN climate conference) presidency – on Wednesday.
“I had suggested the COP26 presidency to take up discussion on one issue at a time. Happy that at today’s virtual climate development ministerial meet we discussed the issue of finance exclusively,” said Javadekar in what could be a message that the developing countries would further raise their ambition only if rich nations (big historical polluters) fulfil their promise of putting $100 billion per annum on the table for extending support.
The ministerial meet, hosted by COP26 president Alok Sharma and UK foreign secretary Dominic Raab, focussed on how to set international agenda in the run-up to COP26 which is to take place in Glasgow in November. There has been growing demands to bring India on board for ‘net-zero’ emission goal – reducing emission of carbon or all greenhouse gases (GHG) to zero by a given date. So far, over 120 countries, accounting for 51% of global GHG emissions, have net-zero targets – a goal which is considered crucial to limit global warming to 1.5 degree Celsius rise by the end of the century from the pre-industrial (1850-1900) levels.
Javadekar had flagged the crucial issue of finance even during his address to the UN Security Council’s open debate on “addressing climate-related risks to international peace and security" in February. He had reminded the participants that the commitment by developed countries to jointly mobilize $ 100 billion per year by 2020 in support of climate action in developing countries had not been realized.
His remarks on Wednesday assumes significance ahead of the Prime Minister Narendra Modi’s participation in the virtual leaders’ summit on climate, organised by the US on April 22-23. It is expected that the US will announce its new climate action target, specifying its net-zero goal, during the summit.
The summit will seek to galvanizing efforts by the world’s major economies to reduce emissions during this critical decade to keep a limit to warming of 1.5 degree Celsius within reach and mobilize public and private sector finance to drive the net-zero transition.