Climate finance tops India’s COP27 agenda | Latest India News

India will press for clarification on climate finance, one of the contentious issues between developed and developing countries, as leaders and officials from 200 countries gather on Sunday for the United Nations Conference on Climate (COP27) in Egypt, meeting after a year in which war and fears that economic turmoil have weakened the climate agenda, even as the crisis continued to wreak devastation around the world.

On the agenda for the November 6-18 summit in the resort town of Sharm El Sheikh will be discussions on the implementation of various climate change mitigation and financing commitments, most of which have not yet been announced. not been implemented. It is also expected to discuss critical and highly debated issues such as loss and damage and adaptation as part of the formal agenda.

Indian officials have said they are resisting attempts to classify the loans as climate finance. In 2009, at COP15, developed countries pledged $100 billion in climate finance to developing countries starting in 2020.

Union Environment Minister Bhupender Yadav in an interview with HT on Saturday said that India expects a multilateral definition of finance at COP27 as India does not recognize the loans as climate finance because they push poor and developing countries into more debt.

The first step on Sunday will be the formal adoption of the agenda for the next two weeks. During a press briefing on Friday, Ambassador Wael Aboulmagd, special adviser to COP27 President-designate Sameh Shoukry, said the main issues are likely to be the work program on mitigation; the global goal on adaptation; loss and damage and climate finance.

Mitigation refers to measures that will reduce carbon emissions, adaptation deals with measures to minimize the felt impact of the climate crisis and loss and damage is mainly about how to support developing countries, which are historically the least emitters and are particularly vulnerable to the harmful effects of the climate crisis. a warming climate.

New demands have come from some parties to include issues such as maintaining the 1.5°C target; particular circumstances of Africa and the transparency of financial flows to be put on the agenda.

More than 45,000 registered participants for COP27 and more than 120 heads of state and government are expected to attend the summit, including US President Joe Biden, UK Prime Minister Rishi Sunak and French President Emmanuel Macron. Prime Minister Narendra Modi will not visit Egypt but the Indian delegation will be led by Union Environment Minister Bhupender Yadav who will also address Heads of State at the Implementation Summit. climate of Sharm el-Sheikh (November 7 and 8) on how India is implementing what it has promised under the Paris agreement. The final list of heads of state who will speak at the summit has yet to be released.

On November 1, Shoukry wrote a letter to all parties and observers to the United Nations Framework Convention on Climate Change (UNFCCC), asking them to prepare to assess the implementation of the commitments. This is given the “cascading risks and overlapping crises” due to geopolitical situations like the Ukraine crisis, soaring food and energy prices, and a growing public finance and debt crisis. public in many countries, and the latest climate science data indicating that some climate impacts are now irreversible.

“Last year’s results from the G7 and G20 provided valuable inputs and momentum to COP26 and helped facilitate the Glasgow outcomes, this year the picture is less encouraging. While the G7 was ambitious in its outcomes, the G20 environment meeting proved difficult and could not agree on environmental outcomes,” Shoukry wrote.

“Similarly, the high expectations of the IMF and World Bank Group’s autumn meetings to respond to urgent calls to provide adequate support to address the climate crisis have not translated into concrete agreements to enable more flows and facilitated access by developing countries.

“Along with this challenge comes a broader concern about the backsliding in the delivery of funding pledges and engagement with the operational entities of the financial mechanism of the convention and the Paris Agreement, which do not meet all to the needs of developing countries as identified, including by the Standing Committee’s report on financing needs, which puts the volume needed to fulfill developing country NDCs at around $5.6 trillion through 2030,” Shoukry’s letter added.

At a press briefing ahead of the release of the UN NDC summary report on October 26, Simon Stiell, executive secretary of UN Climate Change, noted that some developed country parties had backtracked on their commitments. weather last year.

The trust deficit due to the inability of developed countries to deliver on the $100 billion in climate finance long promised to developing countries is growing. A report, entitled Climate finance delivery plan progress report: advancement the ten collective actions, published on October 28 by Steven Guilbeault, Minister of Environment and Climate Change, Canada, and Jennifer Morgan, Secretary of State and Special Envoy for the climate action, Germany, says developed countries have still not been able to raise the money.

“In 2009, industrialized countries therefore pledged to collectively provide US$100 billion each year from 2020. Unfortunately, there is still a chasm between ambition and reality: in 2020, collective climate finance will ‘was 83.3 billion US dollars,’ said a statement from Germany’s Federal Foreign Office.

Loss and damage should be on the official agenda, Aboulmagd said, as developing countries and host Egypt have pushed for it. But the formal agenda is adopted only on the basis of the consent of all parties.

Regarding loss and damage, the idea of ​​having a separate funding facility was opposed by the United States, Australia and the European Union, who instead stressed the importance of insurance , catastrophe bonds and bilateral aid.

There are polarized opinions on this issue and developed nations are opposed to the idea of ​​liability and reparations.

This year however, the issue has gained momentum as COP27 is being held in Africa, which faces severe climate impacts. Earlier in 2022, Pakistan recorded a rare flood that displaced thousands of citizens and India, along with parts of South Asia, recorded a rare spring heat wave that killed at least 90 people. in India and Pakistan, triggered extreme Glacial Lake Flooding (GLOF) in northern Pakistan and wildfires in India, particularly in the mountainous states of Uttarakhand and Himachal Pradesh; extreme heat also reduced wheat crop yields in India, forcing the government to halt wheat exports; the shortage of coal led to power outages.

“The climate crisis is taking lives, livelihoods, destroying critical ecosystems, threatening millions of people with food and water shortages…the deadly and devastating floods in Pakistan, Nigeria, the prolonged drought in the Horn of Africa…there have been more than 15 extreme weather events in the United States this year exceeding $1 billion in loss each Recent UN reports show we may not reach not the 1.5°C target. Loss and damage are increasing, as are adaptation needs,” Rachel Cleetus, policy director for the Union of Concerned Scientists’ Climate and Energy Program, said Saturday.