PremiumUS President Joe Biden, UK Prime Minister Rishi Sunak, and more than 100 heads of states are expected to attend the conference which will be organized at Sharm El-Sheikh in Egypt in from November 6 to 18.
Union Environment Minister Bhupender Yadav informed that India will demand 'action' in terms of climate finance, technology transfer, and capacity building from developed countries to help developing nations fight climate change, according to the news agency PTI.
Speaking to reporters, the minister said, "COP27 should be COP for action in terms of climate finance, technology transfer, and capacity building. This is our overall approach. India will seek clarity as to what is being termed as climate finance -- whether it is grants, loans, or subsidies. Public and private finance should be separated. These issues will be taken up strongly."
US President Joe Biden, UK Prime Minister Rishi Sunak, and more than 100 heads of states are expected to attend the conference which will be organized at Sharm El-Sheikh in Egypt in from November 6 to 18. However, it is not yet clear if Prime Minister Narendra Modi will attend it.
As per PTI reports, an official said that some developed countries will also join India in strongly raising the issue of USD 100 billion per year for climate action in developing countries.
At COP15 in Copenhagen in 2009, developed countries committed to jointly mobilize USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change.
India will also push for a new collective quantified goal (NCQG) for climate finance -- a key accompanying decision to the 2015 Paris Agreement -- from a floor of USD 100 billion per year.
"The developed countries should not only fulfill the climate finance promises made earlier, but new collective also quantified climate finance goals should be set. There should be transparent mechanisms to track climate finance," Yadav said.
The minister also asserted that India is one of the few countries that have met the climate targets set in Paris in 2015.
This year, India updated its nationally determined contributions (NDCs) in keeping with the promises made by Prime Minister Modi at COP26 in Glasgow.
According to the updated NDCs, India now stands committed to reducing the emissions intensity of its GDP by 45 percent by 2030, from the 2005 level, and achieving about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
(With PTI inputs)