Thursday, 18 April 2024

 

 

LATEST NEWS Vigilance Bureau nabs ASI for accepting Rs 15,000 bribe J&K at threshold of mega development under PM Modi’s leadership : Surjeet Singh Slathia Breaking: Punjab School Education Board (PSEB) 10th Result 2024 Declared Shayar Movie Review: A Magical Journey Through The World Of Shayari 6 Top Kavita Radheshyam Web Series To Watch | 5 Dariya News Varun Sood Net Worth 2024: Uncovering the Wealth of A Multi Talented Star | 5 Dariya News Punjab Congress Kickstart Election Campaign From Sangrur A Night of Stars And Striking Performances inside the Grand Premiere of 'Shayar' Tsunami of AAP in Bharuch - Massive turnout in Bhagwant Mann's 'Jan Ashirwad Yatra' in Gujarat Meeting of all BJP district in-charges, presidents, general secretaries, morcha and mañdal presidents and general secretaries held in BJP office Gurjit Singh Aujla bowed down to Shri Harmandir Sahib and Sri Durgiana temple Birla Open Minds Joins Forces with Rohit Sharma Cricket Academy CricKingdom to Elevate Cricket Programs within their schools ''PEC had always been Jaspal Ji's Second Mother'': Savita Bhatti The Ultimate Guide to Sustainable Kitchen Cleaning Professor Dr Robert Zeiser receives DKMS Mechtild Harf Science Award 2024 SOMANY MAX Glazed Vitrified Tiles (GVT) - A New Standard in the Tiles Vertical DC conducts surprise inspection in Gill Road grain market Ensure strict compliance of 'Safe School Vahan Policy' for safety of students or be ready to face action - DC to school heads Administration to make all-out efforts to wipe out child begging Sanjay Tandon Emphasizes Senior Citizens' Crucial Role in Society Punjab Police Solves Murder Case Of VHP Leader Within 72 Hours; Two Assailants Held

 

Minister of Environment, Forest and Climate Change Intervenes at High-Level Ministerial Dialogue on Climate Finance at COP 27

Bhupender Yadav, BJP, Bharatiya Janata Party, Union Minister for Environment Forest and Climate Change, Egypt, COP 27,  Sharm El-Sheikh, UNFCCC
Listen to this article

Web Admin

Web Admin

5 Dariya News

Egypt , 14 Nov 2022

Union Minister of Environment, Forest and Climate Change, Shri Bhupender Yadav intervened at a High-Level Ministerial Dialogue on Climate Finance at COP 27 today. In his intervention, he said-" Access to Finance and Technology in developing countries is a must-have if we expect to protect our earth and ourselves from apocalyptic changes. 

The commitment made by the developed countries to mobilize $100 b from diverse sources by 2020 was a meager amount and remains unachieved till now.  The current needs of developing countries are estimated to be in the order of trillions.

There are several estimates of climate finance. The OECD estimates the flows to be USD83.3 billion in 2020 and USD79.9 billion in 2018, while Oxfam estimates the mobilized amount to be USD19-22.5 billion per year in 2017-18. 

Other estimates from UNFCCC, are USD45.4 billion in 2017 and USD51.8 billion in 2018.   Evidently, there is no understanding of what really comprises climate finance. Transparency and Trust are the backbones of all multilateral discussions. 

Having a clear definition of climate finance will promote transparency and trust, vital for furthering constructive deliberations. While we take note of the work carried out by the Standing Committee on Finance, there is a need to further work in arriving at a meaningful definition of climate finance.

High transaction costs for accessing project preparation grants and considerable cofinancing requirements from the developing country need to be addressed. Slow disbursements, lack of flexibility to adapt to changing requirements, and long complex approval procedures with stringent eligibility criteria make difficult access to climate finance difficult. 

It is not the absence of a bankable project pipeline, but the procedures, inflexibility in approach, and lack of trust with respect to direct access entities that is a problem.The new collective quantified goal for the period post-2025 needs to be an ambitious mobilization target at grant/concessional term. 

We require an ambitious flow of financial resources from various sources- public and private with the developed countries playing a pivotal role in incentivizing flows to the developing countries so that finance-the key means of implementation- is at grant/concessional rates. 

The Nationally Determined Contributions and the Needs determination reports could be a good basis to estimate the requirement. We are also of the view that action to improve the functioning of the financial mechanism to enable access is also critical.

There is only a small window of opportunity to rectify a problem that has accumulated over the centuries. It is really time for concerted action if we want to curtail temperature rise to sustain life.”

 

Tags: Bhupender Yadav , BJP , Bharatiya Janata Party , Union Minister for Environment Forest and Climate Change , Egypt , COP 27 , Sharm El-Sheikh , UNFCCC

 

 

related news

 

 

 

Photo Gallery

 

 

Video Gallery

 

 

5 Dariya News RNI Code: PUNMUL/2011/49000
© 2011-2024 | 5 Dariya News | All Rights Reserved
Powered by: CDS PVT LTD