India Will Be Engaging Constructively And Actively, Says Environment Minister On Inclusion Of 'Loss And Damage' At COP27
Bhupendra Yadav at the ceremonial opening of COP27 said India does not recognise loans to be climate finance and its focus during the negotiations will be on concessional and climate-specific grants.
The United Nations climate change summit kicked off on Sunday in Egypt with the inclusion of 'loss and damage' finance being a part of the agenda, reported news agency PTI. A Union Environment Minister Bhupendra Yadav said: "With the inclusion of this agenda item, India will be engaging constructively and actively on the subject during the course of discussions at COP27 and hoping that fair negotiations on loss and damage follow."
What Is 'Loss And Damage'
Loss and damage is a term that is used to refer to the consequences of climate change that go beyond what can be adaptable for people, or when people are not able to utilise other options due to a lack of resources.
Financing a new fund for addressing this has been a long-pending demand for the countries that are poor and developing however, the richer countries have always avoided this discussion. One such example would be financing a fund for relocating the people who were displaced by floods.
India On Inclusion Of 'Loss & Damage'
Bhupendra Yadav said that under the United Nations Framework Convention on Climate Change (UNFCC), financial mechanisms such as Global Environment Facility, Green Climate Fund, and Adaptation fund are underfunded. They are not able to mobilise or deliver the funds for loss and damage owing to climate change. Hence India with other countries had been pursuing the involvement of loss and damage finance in the agenda.
Yadav said: "The absence of a definition of climate finance allows developed countries to greenwash their finances and pass off loans as climate-related aid. India is very clear that the world needs a multilaterally agreed definition of climate finance. India does not recognise loans to be climate finance because it pushes vulnerable countries further into debt. Our focus at COP27 during our negotiations is thus on concessional and climate-specific grants."
He said India espouses the power of individual action but reiterated that those historically responsible for the climate crisis can no longer shirk responsibility.
India At COP27
The Indian delegation will emphasise that it has been one of the few nations to meet the 2015 climate goals set in Paris with the help of Prime Minister Narendra Modi's LiFE (Lifestyle for Environment) movement.
Developed nations are anticipated to press developing countries to make their climate goals even more ambitious at this year's meeting.
On the other hand, developing nations would seek a commitment to the funding and technology required to combat climate change and the disasters that arise from it.
COP27 will begin on Monday with a World Leaders' Summit, where leaders of various states and governments deliver five-minute addresses summarising their efforts to fight climate change and what they expect from the conference.
(With inputs from PTI)
Trending News
Top Headlines
