Climate Finance Should be At Least USD 1 Trillion: Bhupender Yadav at COP 26

Calling upon the LMDC countries to work closely to protect the interests of developing countries, Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav urged that climate finance cannot continue at the levels decided in 2009. It should be at least USD 1 trillion to meet with the goals of addressing climate change.

The Environment Minister was speaking at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) held on 2nd November 2021 on the sidelines of COP 26 in Glasgow. The meeting was presided by the Bolivian President Mr. Luis Alberto Arce Catacora. The participating countries in the meeting included India, China, Cuba, Nicaragua and Venezuela.

Underlining the unity and strength of LMDC as fundamental in the UNFCCC negotiations to preserve the interest of the Global South in fight against climate change, Shri Yadav 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.

The Environment minister underscored that under the dynamic and visionary leadership of Prime Minister, Shri Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities. He requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI) and the Leadership Group for Industry Transition (LeadIT).  The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC, and expressed the need to ensure resources to TWN.
Shri Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced out come with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.

The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear. The outcomes of COP 26 must respect the fundamental principles of 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. They highlighted about the empty promises of the developed countries and inability to deliver the USD 100 billion per year by 2020. They also called upon the speedy finalization of the Paris Rulebook.