The paper underscores that global climate action depends on the delivery of technology and timely and adequate finance, characterized by “scope, scale and speed".
India cautions that net zero emissions by 2050 “cannot be a goal for developing countries” due to the lack of adequate finance and technologies.
17 September 2019: The Government of India released a position paper outlining India’s perspective on climate finance. The document was issued to inform stakeholder deliberations under the Climate Finance and Carbon Pricing action area of the UN Secretary-General’s Climate Action Summit on 23 September.
The paper titled, ‘Climate Summit for Enhanced Action: A Financial Perspective from India,’ outlines India’s efforts in diversifying its energy supply, increasing the share of non-fossil fuel energy in the total energy mix and enhancing the use of energy conservation technologies and practices. It notes that India’s mitigation and adaptation activities have resulted in a reduction in emission intensity of gross domestic product (GDP) “by 21% over the period 2005-2014.”
At the same time, the document underscores that global climate action depends on the delivery of the means of implementation, particularly technology and timely and adequate finance, characterized by “scope, scale and speed.” It highlights climate finance as a “key pillar in enabling climate actions,” emphasizing that enhanced ambition and enhanced support “should be at equal footing.”
The paper analyzes the issue of finance in climate treaties and Conference of the Parties (COP) decisions since the UNFCCC’s adoption in 1992, focusing, in particular, on post-2020 climate actions, the Paris Agreement Work Programme (PAWP) and the Talanoa Dialogue. It argues that climate finance delivery has been inadequate, lamenting the absence of a “tangential relationship” between commitments and ensuing actions. As an illustration, the paper cites climate-specific finance flows from developed to developing countries in 2016, which amounted to around USD 38 billion – less than 40% of the USD 100 billion per year target.
Noting that India will “endeavor to do its best for adaptation and mitigation actions, keeping in mind the imperatives of sustainable development and poverty eradication,” the paper cautions that net zero emissions by 2050 “cannot be a goal for developing countries” due to the lack of adequate finance and technologies.
The paper was produced by the Climate Change Finance Unit of the Department of Economic Affairs at India’s Ministry of Finance. [Climate Summit for Enhanced Action: A Financial Perspective from India] [SDG Knowledge Hub Story on Call by BASIC Ministers for “Strong Signal” on New Climate Finance Goal] [SDG Knowledge Hub Story on BRICS Statement on Environmental Issues, Including Climate] [SDG Knowledge Hub Story on China’s Climate Position] [SDG Knowledge Hub Curtain Raiser for Climate Action Summit]