NEW DELHI: Union Environment Minister Bhupendra Yadav said on Wednesday that there was an urgent need to mobilize resources to boost the economy in a manner that makes it more resilient and sustainable.
Addressing the opening ceremony of the G20 environmental and climate ministerial meeting in Bali, Indonesia, "There is an urgent need to mobilise resources to stimulate the economy in a manner that makes it more resilient and sustainable. But the current pace and scale of climate finance from developed countries is not matching the global aspiration to combat climate change," Mr. Yadav said.
The minister added that people who historically have been responsible for the majority of the atmospheric concentrations of greenhouse gases bear the primary responsibility for the transition to net-zero emissions. Achieving a balance between the amount of greenhouse gases added to the atmosphere and those removed is known as "net zero."
Even though India hasn't typically contributed to global emissions, he claimed that we are demonstrating a will to tackle problems through our activities. He said, India is fully committed to accelerating the transition to a low-carbon economy through a multifaceted strategy that spans several industries and problems. It is one of the greatest markets in the world for the deployment of renewable energy and has made incredible strides in recent years toward powering all homes. It has also seen a significant increase in availability to clean cooking energy. He also said that the nation's National Green Hydrogen Mission would revolutionise efforts to cut emissions from challenging industries.
"All of these initiatives require lower-cost investment and cutting-edge methods for increasing climate finance to twice 2019 levels by 2025. Also, new methods are required to create and implement low-carbon technologies " he added. The poorest nations and most vulnerable populations, who have made the fewest contributions to the climate catastrophe and lack the resources necessary to meaningfully alter the status quo, are bearing the brunt of the climate crisis' effects, he said.. "The promise of climate money is still an illusion, though. The combination of climate and development funding is a further issue " he said.
In 2019, 70 percent of the public climate finance was given out as loans instead of grants. In 2019-20, only 6 percent of climate finance was in grants. This is pushing developing countries into more debt, the minister said. "while taking into account national circumstances and the principle of common but differentiated responsibilities and respective capabilities (CBDR-RC), we must decouple economic growth from greenhouse gas emissions."
The CBDR-RC recognises that each nation has varying resources and obligations when it comes to combating climate change. The G20 members, all of which are coastal nations that collectively account for 45 percent of the world's coasts and more than 21 percent of exclusive economic zones, he claimed, must bear a specific duty to the ocean. Argentina, Australia, Brazil, Canada, China, France, Germany, Greece, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union are the other members of the G20.
Putin in G20 meet in Bali is dilemma for Biden
Putin and Xi Jinping confirm for November’s G20 summit in Bali
Indian Oil Corp to spend Rs 2-La-Cr for netzero target by 2046