India to raise climate finance issue at COP27

THE CONFERENCE WILL BE HELD AT SHARM EL SHEIKH, EGYPT BETWEEN NOV 6 AND 18

NEW DELHI: Having updated its nationally determined contribution (NDC) in August, India is likely to raise the issue of climate finance at the UN Climate Change Conference (COP27) in November to support deployment of renewable energy projects on a large scale.

The focus for India at the conference at Sharm El Sheikh, Egypt between November 6 and 18 will be: a multilaterally agreed definition of finance; a decision on the new collective goal on finance beyond 2025; an assessment of commitment made by the developed countries to provide $100bn/year of climate finance by 2020; and matters related to article 2.1(c) of Paris Agreement.

This article covers the goal of making “finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” It encompasses private as well as public financial flows to support low emission technologies. On Wednesday, UN Secretary General Antonio Guterres, currently visiting the country, urged India to take a leadership role at COP27 for a balanced outcome on finance, adaptation and loss and damage.

India is also developing a long-term strategy (LTS) to achieve net-zero emissions by 2070. Officials said it has not been decided when LTS will be ready for submission to the United Nations Framework Convention on Climate Change. The Glasgow Climate Pact which was adopted by 196 parties at the Glasgow climate change conference states that countries should submit their “low greenhouse gas emission development strategies referred to in Article 4, paragraph 19, of the Paris Agreement towards just transitions to net zero emissions by or around mid-century, taking into account different national circumstances” at COP 27.

“Renewable energy projects face multiple challenges. India’s aim is to create a pipeline of investment mature projects by actively supporting early stage project development and bridging the funding gap. This gap needs to met by international climate public financing to attract investors...,” a senior environment ministry official said.