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Developed world hasn't acted on $100 bn/yr climate finance pledge, multilateral financial bodies need to be transformed: Kant

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NewsDrum Desk
30 Jan 2023

Mumbai, Jan 30 (PTI) India's G-20 sherpa Amitabh Kant on Monday said the developed world has not helped the developing countries with USD 100 billion of climate finance per year, despite committing to it way back in 2009.

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The former bureaucrat said multilateral financial institutions are not equipped to do the same, and there is a need to transform them.

"If India has to go for climate change (action), the developed world has to give us finance which it had agreed to… We have not polluted the world, yet we will be impacted by climate change," Kant said, speaking at the inauguration of model G-20 summit at the Indian Institute of Democratic Leadership at Uttan near here.

He reminded that the developed world had agreed on the principle of climate justice as part of which the finance was to be made available and the challenge before a country like India is centred around transforming into an industrialised country without impacting the planet.

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It can be noted that in 2009, developed countries had committed to jointly mobilise USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change. It has not been met yet, leading to frequent calls for action on the pledge.

Kant also said that India has achieved its NDC (nationally determined contribution) targets nine years ahead of schedule, and policy has also taken other initiatives like the green hydrogen mission, production linked incentives for solar and battery storage, and has been pushing for electric mobility.

The creator of campaigns like "Incredible India" said many of us do not recognize the progress achieved by the country in the last 7-8 years, mentioning facets like accounting for over 50 per cent of the newly opened bank accounts across the world between 2015-18, LED bulbs distribution etc.

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He said India's G-20 presidency this year is welcome because it is happening as part of four consecutive years of leadership to developing countries, which started with Indonesia last year and will end with South Africa.

The presidency comes at a time when India is the fastest growing major economy in the world and a calm on the macro stability front, he said, adding that India will have to provide a political vision and strong narrative to drive its agenda.

India has already prepared the issue notes for the finance and Sherpa tracks, which will be among the 215 events across 56 cities that are being held throughout the year, Kant said.

Kant also said that G-20 is an important forum and "more powerful" than the "unwieldy body" that is the United Nations, where each of the five member states in the Security Council is bestowed with a veto power and also pointed out that one of the five, Russia, is at war right now. PTI AA DRR

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