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Clear Definition Of Climate Finance Crucial For Trust And Transparency: India At COP28

At the annual UN climate talks (COP28), which is being held in Dubai currently, Environment Minister Bhupendra Yadav emphasised on the need for countries to establish a clear definition of climate finance

Clear Definition Of Climate Finance Crucial For Trust And Transparency: India At COP28
COP28: Environment Minister Bhupendra Yadav said that defining climate finance is essential

Dubai: India on Friday (December 8) emphasised the need for countries to establish a clear definition of climate finance, saying the lack of clarity affects transparency and trust.

At a high-level ministerial meeting on climate finance during the annual UN climate talks here, Environment Minister Bhupender Yadav said,

I strongly believe this is the most crucial outcome we should all strive for.

Mr Yadav said that defining climate finance is essential for creating trust and transparency among nations.

Also Read: Climate Change Has Significant, Direct Impact On Global Labour Market: International Labour Organisation

He said that current estimates from the Organisation for Economic Co-operation and Development (OECD) and Oxfam reports (a transnational NGO) vary significantly and create uncertainty about the actual amount of climate finance provided.

OECD estimated about USD 83 billion provided by developed countries in 2020, while Oxfam’s Climate Finance Shadow Report suggests an amount ranging between USD 21 to 24.5 billion, he said.

Also Read: COP28 Releases Crucial Document To Guide Adaptation Efforts, Disagreement Lingers

Mr Yadav said a clear definition of climate finance should ensure it is climate-specific, additional, grant-based, and provided under highly concessional terms.

He expressed concern over the “paltry resource flow” from rich nations to developing countries and said it needs to be scaled up “several times over”.

The minister said that not just financial support but also access to crucial technologies like offshore wind and battery storage is essential for developing countries to fulfil their commitments under the United Nations Framework Convention on Climate Change and the Paris Agreement.

At the same conference, describing the youth as the “agents of change”, the minister called on countries to bring young people to the center stage of solving the climate crisis.

Noting that the young are the most crucial key to attaining a sustainable world but are also “the most vulnerable group affected by climate change”, the Environment Minister said the young bear the least responsibility for the climate crisis but suffer its worst consequences. He added,

But there is also no denying that youth are valuable contributors to climate action. They are agents of change as innovators, entrepreneurs, and environmentally conscious individuals with a will to drive positive change. The young today are making best use of education, science, and technology to scale up their effort to accelerate climate action.

Also Read: COP28 Enters Crunch Time With Countries At Odds Over Fossil Fuels

Mr Yadav said the youth are using the agency to compel their government worldwide to bring sustainability to the centre-stage of governance.

It is our responsibility to equip them with the right knowledge and skills to usher in the change. This right knowledge must infuse a blend of technological power and environmental sense. There is a need to recognise that we cannot tell our youth that technology can buy our way out of the current crisis.

Mr Yadav emphasised that India is marching with the principle of ‘saving ecology and driving economy’ and he was glad that a global beginning is being made in that direction.

It is important that joint initiatives, aimed at building the capacity of youth as future leaders and driving forces of the climate regime, are undertaken.

NDTV – Dettol have been working towards a clean and healthy India since 2014 via the Banega Swachh India initiative, which in its Season 10 is helmed by Campaign Ambassador Ayushmann Khurrana. The campaign aims to highlight the inter-dependency of humans and the environment, and of humans on one another with the focus on One Health, One Planet, One Future – Leaving No One Behind. It stresses on the need to take care of, and consider, everyone’s health in India – especially vulnerable communities – the LGBTQ populationindigenous people, India’s different tribes, ethnic and linguistic minorities, people with disabilities, migrants, geographically remote populations, gender and sexual minorities. In a world post COVID-19 pandemic, the need for WASH (WaterSanitation and Hygiene) is reaffirmed as handwashing is one of the ways to prevent Coronavirus infection and other diseases. The campaign will continue to raise awareness on the same along with focussing on the importance of nutrition and healthcare for women and children, fight malnutrition, mental well-being, self-care, science and health, adolescent health & gender awareness. Along with the health of people, the campaign has realised the need to also take care of the health of the eco-system. Our environment is fragile due to human activity, which is not only over-exploiting available resources, but also generating immense pollution as a result of using and extracting those resources. The imbalance has also led to immense biodiversity loss that has caused one of the biggest threats to human survival – climate change. It has now been described as a “code red for humanity.” The campaign will continue to cover issues like air pollutionwaste managementplastic banmanual scavenging and sanitation workers and menstrual hygiene. Banega Swasth India will also be taking forward the dream of Swasth Bharat, the campaign feels that only a Swachh or clean India where toilets are used and open defecation free (ODF) status achieved as part of the Swachh Bharat Abhiyan launched by Prime Minister Narendra Modi in 2014, can eradicate diseases like diahorrea and the country can become a Swasth or healthy India.

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