India will seek 'action' from developed countries in terms of climate finance, technology transfer and capacity building.
US President Joe Biden, UK Prime Minister Rishi Sunak and over 100 heads of state are expected to attend the conference, which will be held in Sharm el-Sheikh, Egypt, from November 6 to 18.
According to news agency PTI, Union Environment Minister Bhupendra Yadav told that India will seek 'action' from developed countries in terms of climate finance, technology transfer and capacity building to help developing countries fight climate change.
Speaking to reporters, the minister said, "COP27 should be the COP for action in terms of climate finance, technology transfer and capacity building. This is our holistic approach. India will seek clarity on what to call climate finance." Is it grants, loans or subsidies. Public and private finance should be separated. These issues will be taken up strongly."
US President Joe Biden, UK Prime Minister Rishi Sunak, and over 100 heads of state are expected to attend the conference, which will be held in Sharm el-Sheikh, Egypt, from November 6 to 18. However, it is not yet clear whether Prime Minister Narendra Modi will be involved in this.
According to a PTI report, an official said that some developed countries will also join India in strongly raising the issue of USD 100 billion per year for climate action in developing countries.
At COP15 in Copenhagen in 2009, developed countries committed to jointly raise US$100 billion per year by 2020 to help developing countries combat the effects of climate change.
India will also push for a new Collective Quantitative Target (NCQG) for climate finance - a key decision in line with the 2015 Paris Agreement - from the floor of USD 100 billion per year.
"Developed countries should not only fulfill the climate finance promises made earlier, but also set new collective climate finance targets. There should be a transparent mechanism to track climate finance," Yadav said.
The minister also said that India is one of the few countries that have met the climate targets set in Paris in 2015.
This year, India updated its Nationally Determined Contributions (NDCs) in keeping with the promises made by Prime Minister Modi at COP26 in Glasgow.
According to the updated NDC, India is now set to reduce the emission intensity of its GDP by 45 percent by 2030 from 2005 levels and achieve about 50 percent cumulative electric power installed capacity by 2030 from non-fossil fuel-based energy resources. committed to. ,
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