India has called for a significant increase in climate finance to support developing nations in their efforts to combat climate change. At the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC), India pitched for an annual climate finance target of $1.3 trillion to be allocated to developing countries. This funding is crucial for enabling these nations to mitigate and adapt to the impacts of climate change while pursuing sustainable development goals.
Source:- bbc news
The proposal aligns with the urgent need for developed nations to fulfill their long-standing pledge to provide $100 billion annually in climate finance to the Global South, a promise made in the 2009 Copenhagen Accord. India’s push for a higher funding target highlights the gap between existing financial flows and the actual needs of vulnerable countries.
Source:- news 18
India has also emphasized the need for both public and private sector contributions, with the private sector expected to play a critical role in scaling up investments. The country stresses that the funds should not only focus on climate adaptation but also support technology transfer, capacity building, and the mobilization of green investments.
India’s call is driven by the stark reality that many developing nations face heightened risks due to climate impacts, such as rising sea levels, extreme weather events, and loss of biodiversity. With global emissions continuing to rise, the need for a robust climate finance mechanism has never been more urgent.
India’s proposal is part of its broader stance on climate justice, advocating for equitable and fair solutions to address the disproportionate impact of climate change on the developing world. The outcome of this pitch will be closely watched, as it has the potential to reshape global climate financing frameworks in the years to come.
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