IPCC report supports India’s view on public finance for developing nations: Govt
Premium- The report justifies India’s emphasis on equity at all scales in climate action and sustainable development
New Delhi: Union Minister for Environment Bhupender Yadav on Tuesday said the latest Intergovernmental Panel on Climate Change (IPCC) report supports India’s view on the necessity of public finance for developing countries and the need for scale, scope and speed in climate finance.
“The @IPCC_CH report underlines the need for deep and urgent global emissions reduction and justifies India’s emphasis on equity at all scales in climate action and sustainable development. We welcome it," Yadav tweeted.
Tracked financial flows fall short of the levels needed to achieve mitigation goals across all sectors and regions. "The challenge of closing gaps is largest in developing countries as a whole," said the report.
The report states that public finance falls short of the Copenhagen (reiterated when the Paris agreement was signed) goal of $100 billion per year by 2020.
“Accelerated financial support for developing countries from developed countries and other sources is a critical enabler to enhance mitigation action and address inequities in access to finance, including its costs, terms and conditions and economic vulnerability to climate change for developing countries," states the report about climate finance.
The report has underlined the need for deep and urgent global emissions reduction mentioning that four-fifths of the total carbon budget for 1.5-degree Celsius temperature increase and two-thirds of the total carbon budget for 2-degree Celsius warming is already consumed.
The summary for policymakers scientifically establishes the responsibility of developed countries for consuming the carbon budget. Both cumulative and per capita annual emissions rose during the pre-2020 period. Pre-2020 emissions reduction in developed countries is insufficient in comparison to the developing world’s needs for sustainable development.
Both historical cumulative emissions and per capita annual emissions show that India’s role (as part of the South Asia) is minimal.
The report justifies India’s emphasis on equity at all scales in climate action and sustainable development. Equity is essential for the social and economic transformation for climate mitigation; management of the negative consequences of climate mitigation on vulnerable populations; enabling transition towards low-emissions development and to ensure sustainable development.
“Equity remains a central element in the UN climate regime, notwithstanding shifts in differentiation between states over time and challenges in assessing fair shares," the report said.
India has been instrumental in ensuring the inclusion of “climate justice" and “sustainable lifestyles and sustainable patterns of consumption and production" in the preamble of the Paris Agreement.
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