NEW DELHI: As the Union Minister for Environment, Forest and Climate Change, Bhupender Yadav will be leading the Indian delegation to the 27th Session of the Conference of Parties of the UNFCCC (COP 27), scheduled to be held in Sharm El-Sheikh, Egypt from November 6 to 18, 2022, India is expecting significant progress on discussions related to climate finance and clarity on its definition.

Developing nations emphasised the importance of the UNFCCC as the focal point of the global and multilateral response to the issue of climate change at the 56th Session of the Subsidiary Bodies, which was held in June 2022 in Bonn (Germany).

According to the Paris Agreement's objectives and guiding principles, "there must be a truthful, balanced, and thorough implementation of the Convention," the Ministry declared in a statement on Friday.

The Ministry stated that in order for poor nations to effectively gauge the magnitude of financial inflows for climate action, more clarification on the notion of climate financing is required.

"In spite of the fact that the Standing Committee on Finance will present a report on the various definitions, we hope to have fruitful discussions on this to reach a consensus. The word shall be interpreted in accordance with the nations' climate financing commitments made in the Convention and its Paris Agreement "It said.

According to the Ministry, the target of USD 100 billion in annual climate finance by 2020 and every year after that until 2025 has not yet been met. While the specified sum must be met as soon as feasible, it was said that there was a need to "significantly boost the ambition" in order to guarantee adequate resource flow under the new quantifiable target after 2024.

The quantity of the resource flow, as well as its quality and scope, must be the main topics of discussion in the ad hoc working group when discussing the new collective quantifiable aim. Accessibility concerns and recommendations for enhancing the efficiency of the finance channels are also significant. In addition, it is critical to increase transparency to guarantee proper oversight of the volume and direction of flows. According to the Ministry, the special working group must offer recommendations/advice on all of the aforementioned topics.

India would back the Egyptian Presidency in its efforts to build a strategy that will meet the demands of developing nations. The two topics that are receiving the most attention are adaptation and loss and damage, and success on these two challenges will support one another. According to the Ministry, loss and damage must be discussed at COP 27 and there must be noticeable advancements in the area of loss and damage financing.

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