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.
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.
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.
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.
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