► Date : Nov 03, 2022

During the 27th Session of the Conference of Parties to the UN Framework Convention on Climate Change (COP27), which will be held in Sharm El-Sheikh, Egypt, from November 6 to 18, India plans to push for clarity on the definition of climate finance for developing countries.

The session is likely to include discussions about climate finance and clarification on its definition. The government stated in a press release on Friday that India "looks forward to substantial progress" on discussions related to achieving $100 billion per year in climate financing and clarity on its definition.

"There must be a faithful, balanced and comprehensive implementation of the Convention and the Paris Agreement, in accordance with its goals and principles," it said.

Developing countries made it clear during a session of the subsidiary bodies in June this year that the UNFCCC is at the centre of the collective and multilateral response to the issue of climate change.

"As the saying goes, 'what gets measured gets done,' more clarity on the definition of climate finance is required for developing countries to accurately assess the extent of finance flows for climate action," it said.

Bhupender Yadav, Union Minister of Environment, Forests, and Climate Change, will represent India at the session.

The government stated that India is fully engaged in the process and supports the Egyptian government's efforts for "substantive outcomes" at COP27.

"The goal of $100 billion in climate finance per year by 2020 and every year thereafter through 2025 has yet to be met. Several estimates of what has flown as climate finance are available due to a lack of common understanding. While the promised amount must be reached as soon as possible, there is now an urgent need to significantly increase ambition in order to ensure adequate resource flow under the new quantified goal post-2024 "It stated.

The government also stated that India would encourage countries to join the LiFE movement, which aims to shift the world away from mindless and wasteful consumption and toward mindful and deliberate use of natural resources.

Around this time last year, COP26 was held in Glasgow, Scotland.