Climate Finance Can't Continue At Levels Decided In 2009: Bhupender Yadav

Calling upon the Like-Minded Developing Countries (LMDC) countries to work closely to protect the interests of developing countries, Union Minister for Environment, Forest and Climate Change, Bhupender Yadav, on Tuesday, urged that climate finance cannot continue at the levels decided in 2009. 

While speaking at the LMDC on the sidelines of COP 26 in Glasgow, Yadav said it should be at least USD 1 trillion to meet the goals of addressing climate change.

The meeting was presided by the Bolivian President Luis Alberto Arce Catacora. The participating countries in the meeting included India, China, Cuba, Nicaragua and Venezuela. 

Yadav also highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars.

Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced outcome with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on the delivery of transfer of environmentally friendly technologies.

The outcomes of COP 26 must respect the fundamental principles of the convention, including equity and common but differentiated responsibilities and respective capabilities (CBDR-RC). The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building, he said. 

They highlighted the empty promises of the developed countries and the inability to deliver the USD 100 billion per year by 2020. They also called upon the speedy finalization of the Paris Rulebook.