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India asks rich nations to walk the talk at COP26 over climate financing

India wants the rich nations to commit more money towards climate change (Photo: IANS)

On Monday, India once again asked the rich nations to release money to the developing nations to help them battle climate change. Raising the pitch on combating climate change, New Delhi said that the rich countries need to rapidly reduce their emissions and also scale up their financial support to the poor countries.

Speaking at the COP26 Summit on Climate Change, Union Environment, Forest and Climate Change Minister Bhupender Yadav on behalf of the BASIC group of countries–Brazil, South Africa, India and China–said that the developed countries should "rapidly reduce their emissions and dramatically scale-up their financial support to developing countries".

Yadav made it clear that the rich countries have not only failed to meet the $100 billion goal per year of support to developing nations since 2009 but also continue to present it as the ceiling of their ambition all the way to 2025.

He also urged that the COP26 summit should aim for higher global ambition on climate finance and adaptation along with recognition of member countries’ differing historical responsibilities. He stressed on the fact that the developing countries still face challenges in addressing their development issues.

The summit began with global leaders converging in Glasgow to reinforce commitment for capping global warming at 1.5 degrees Celsius above pre-industrial levels–the limit scientists say will help to bring down global temperatures in a bid to ward off natural destruction that has become common place.

In comparison to the developed world, Yadav pointed out that the developing nations have stepped up their climate actions since 2009 while the developed countries were unwilling to put more money into climate finance. This was a message that Prime Minister Narendra Modi also gave to the rich nations at the G20 meet.

Yadav said, “It is unacceptable that there is still no matching ambition from developed countries on the enabling means of implementation on climate finance support.” He stressed on the fact that all parties need to contribute their fair share.

Focusing on capacity building, Yadav said developing nations need support on finance, technology development and transfer, in a bid to take action on the climate crisis. This support has to come from the developed world, Yadav added.