Finance

Developed nations trying to renegotiate climate finance | World News

India indicated that developed countries are trying to renegotiate who or which countries will provide resources to mitigate the effects of climate change, and how often NDCs will be updated, violating the principles of equity and common but differentiated responsibilities (CBDR). , under which countries undertake climate action according to their respective capabilities).

During an informal assessment of the negotiations conducted by Glasgow Climate Change Conference (COP 26) President Alok Sharma on Monday, India’s chief negotiator Richa Sharma on behalf of the BASIC countries (Brazil, South Africa, India and China) said these issues had already been raised . stipulated in the Paris Agreement and should not be renegotiated.

The Paris Agreement stipulates that climate finance and technology support must flow from developed countries to developing countries. HT reported on Sunday that there are talks to include some developing countries especially China, Saudi Arabia and even India as donors to achieve the new post-2025 climate finance target. India also indicated the erosion of confidence due to the failure of developed countries to provide $100 billion annually.

“It has been more than a decade of promised $100 billion and the world is still waiting, which is why confidence in multilateralism is on the line. There should be an orderly process to achieve a new higher funding target which is a simple request from developing countries,” she said. Sharma added that if this is not resolved, it will jeopardize the parties’ net zero liabilities and Nationally Determined Contributions. She noted that India expects credible carbon markets, not cheap compensation.

“Confidence in multilateralism and the credibility of the process is at stake. Post-2020 mitigation ambition and net zero pledges will require dramatically improved climate finance… BASIC would like to caution that the lack of a serious approach to climate finance will jeopardize mitigation and adaptation ambition as well as Parties’ zero pledges. “. added.

India’s view is supported by many developing countries.

Bolivia’s chief negotiator, Diego Pacheco, said on behalf of the like-minded developing countries: “Let’s be honest, they don’t want to define financing, talk about losses and damages, the goal of new financing. How can financing be achieved like this? The history of unfulfilled promises. And unfulfilled commitments have a powerful impact on where we are today.” According to him, the principles of equity and common but differentiated responsibilities are not negotiable.

Developed countries are resisting demands with a goal of new funding for the post-2025 period, financial compensation for losses and damages, and an independent review of the promised $100 billion annually in funding.

“The stakes could not be greater for countries, communities and peoples on the front lines of the climate crisis…This is a race we cannot afford to lose. It is great that [after] Selwyn Hart, Special Adviser to the UN Secretary-General, said: “A year on climate action during his speech at COP26

However, Frans Timmermans, Executive Vice President of the European Commission in charge of the European Green Deal, said during an EU press conference at COP 26: “We are very serious about the delivery of US$100 billion. Once delivered, some serious discussions can take place on the new financial target. beyond 2025″.

Meanwhile, climate economist Nicholas Stern said on Monday that India was among the “most important” NDC announcements.

Former US President Barack Obama attended the talks on Monday.

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