India expects USD 1 trillion in climate finance
India on Wednesday highlighted the importance of climate finance and transfer of low-cost technologies and said it expects climate finance of USD one trillion “at the earliest” in view of its new commitments.
Union Environment Minister Bhupender Yadav made the remarks after meeting Scotland’s Finance Minister Kate Forbes on the sidelines of the crucial international climate conference COP26 here.
The minister, after meeting with Scotland’s Finance Minister Kate Forbes, said with Prime Minister Narendra Modi setting new benchmarks for climate action, finance and technologies become even more important.
Later, he also met COP 26 President Alok Sharma, the Indian-origin UK Cabinet minister, where he reiterated the importance of upscaling climate finance, technology and capacity-building support to developed nations saying it is critical for developing nations to achieve higher ambitions.
During the day, he also met the Australian Minister for Energy and Emission Reduction, Angus Taylor.
The Indian environment minister has also been maintaining a blog “COP 26 Diary” in which he said, “It is a matter of pride for us Indians to note that we have not just been fulfilling our responsibilities as a global power in the fight against climate change, we are also taking the lead in the fight, emerging as a model worth emulating.” In the last two days, PM Modi made significant announcements raising India’s Nationally Determined Contributions (NDCs) including the bold pledge of India becoming net-zero by 2070.
Besides the net-zero target, Modi also raised the NDC of achieving 450-gigawatt non-fossil energy capacity to 500 gigawatts.