Tag: climate finance

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IMF Chief: G20 Must Lead By Example On Climate Financing

IMF has so far secured USD 40 billion to support vulnerable countries through Resilience and Sustainability Trust to build climate resilience…reports Asian Lite News

G20 members must lead by example in delivering on the promises on financing they made for the cause of climate mitigation, besides supporting the strengthening of Multilateral Development Banks, said International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

Speaking at the concluding session of the G20 Leaders’ Summit in New Delhi on Sunday, the IMF chief said it has so far secured USD 40 billion to support vulnerable countries through Resilience and Sustainability Trust to build climate resilience.

Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.

At the 15th Conference of Parties (COP15) in Copenhagen in 2009, developed countries had collectively committed to mobilising USD 100 billion per year by 2020 for climate action in developing countries. The goal was formalised at COP16 in Cancun, and at COP21 in Paris, it was reiterated and extended to 2025.

“Our one and only earth is threatened by existential climate change. Ahead of COP28, we must raise ambition to decisively reduce emissions to prevent grave risks to economic wellbeing and macro-financial stability,” she said. Excerpts of her statement were made available on IMF website.

She further noted that transforming the ambition into reality will require large investments both from the international community and the private sector, as well as an appropriate price for carbon.

“G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening the Multilateral Development Banks,” Georgieva  said.

The IMF Director said she requested countries to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, and strong fiscal institutions.

Dancing to Odiya folk song

Georgieva arrived in Delhi on Thursday. On her arrival at the New Delhi airport, she was welcomed with tunes of Odisha’s famous Sambalpuri folk songs.

On hearing the melody of the Sambalpuri song and watching the artist’s dance performance, Georgieva could not stop herself from shaking a leg and joining in with the Sambalpuri artists.

Union Minister Dharmendra Pradhan shared a video of the event on X, expressing his pride in Odia culture.

“Difficult to resist Sambalpuri beats . MD International Monetory Fund, K Georgieva, arrives in India for the G20 summit to a Sambalpuri song and dance welcome. Odia Pride,” Pradhan wrote in a post on X.

Presidents of various countries, Prime Ministers, and heads of international organizations are arriving in India to attend the G-20 meeting, which is being held under the chairmanship of India from September 9 to 10. (ANI)

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Green development, climate finance among key issues on agenda

With about one week to the Summit, the beautification work is being fast-tracked in Delhi with cleaning, sanitation, green makeover, and other work in full swing…reports Asian Lite News

The G20 Summit in India is all set to commence on September 9 in the national capital. The summit will be held for two days and will be joined by representatives of member nations as well as guest nations who will engage in discussions about diverse economic reforms.

The summit will be concluded on September 10 with the adoption of a G20 Leaders’ Declaration. The declaration will consist of priorities and other points discussed and agreed upon during the meetings. As the national capital gears up to host the international summit next month, know all about the G20 Summit.

The G20 Summit will be held in New Delhi at ‘Bharat Mandappam’ at the ITPO Convention Centre, Pragati Maidan. The event will be held on September 9 and 10. In addition to the primary summit location, foreign delegates are also set to visit key venues of the national capital like Rajghat, IARI Pusa, and NGMA (Jaipur House).

To avert any hostages during the G20 summit in Delhi, a total of 69 explosive detection dogs from the police K9 squad will be strategically placed at critical locations across the New Delhi district. The team includes 13 trained dogs that were acquired from the Indian Army’s RVC (Remount and Veterinary Corps) unit.

With about one week to the Summit, the beautification work is being fast-tracked in Delhi with cleaning, sanitation, green makeover, and other work in full swing.

Some of the leaders who will attend the event in New Delhi include US President Joe Biden, British Prime Minister Rishi Sunak, Chinese President Xi Jinping, French President Emmanuel Macron, and Australian Prime Minister Anthony Albanese. Russian President Vladimir Putin will not be able to attend it.

During its G20 Presidency, India intends to prioritize the following issues:

1) Green Development, Climate Finance and LiFE

2) Accelerated, Inclusive and Resilient Growth

3) Accelerating Progress on SDGs

4) Technological Transformation and Digital Public Infrastructure

5) Multilateral Institutions for the 21st Century

6) Women-led Development

The theme of the international summit is “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future.” It is derived from a famous ancient Sanskrit text, Maha Upanishad. The theme, which gives the message of global unity, is a perfect slogan for the international grouping.

It also highlights the concept of LiFE and signifies environmentally sustainable and responsible choices. These choices are pertinent not only at the individual level but also at the national level.

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India calls for continued work on increased climate finance

Led by its Additional Secretary, Environment, Forest, and Climate Change, Richa Sharma, a delegation of 10 officials from India are currently at Bonn for the negotiations, said a ministry official…reports Asian Lite News

India, on behalf of BASIC countries, on Tuesday called for continued work on Loss & Damage, and the Global Goal on Adaptation and Climate Finance at the joint opening Plenary of the 56th Session of Subsidiary Bodies at Germany’s Bonn, ahead of the COP27 in November at Egypt’s Sharm-el-Sheikh.

Implementation of the Paris Agreement 2015 is the main theme for such climate negotiations. Under the United Nations Framework Convention on Climate Change (UNFCCC), it is an agreement for combined efforts at reducing emissions to restrict global temperature rise to 1.5 degrees Celsius compared to the pre-industrial era.

The Paris Agreement had reaffirmed the 2013 Warsaw International Mechanism for Loss and Damage (used just as ‘Loss & Damage’ in climate parlance) as the main vehicle under the UNFCCC process to avert, minimise and address loss and damage associated with climate change impacts, including extreme weather events and slow onset events, especially crucial for developing nations.

Led by its Additional Secretary, Environment, Forest, and Climate Change, Richa Sharma, a delegation of 10 officials from India are currently at Bonn for the negotiations, said a ministry official.

“Adaptation finance should be equal to mitigation finance. The developed nations do not want to invest in adaptation because the return on investments is low. But adaptation is a matter of existence for island nations and many developing countries. Going forward, finance for adaptation and Loss & Damage will be very important and India will take this forward,” the official said here.

Asserting that developed nations should deliver on finance, he said: “They will push for operationalising Article 6 but the finance for it has not yet come. Also, the Clean Development Mechanism (CDM) credits have not been counted yet.”

As it was agreed at last year’s climate change negotiations conference (COP26) at Glasgow that a document, ‘From Glasgow to Sharm-el-Sheikh’, will be prepared, the official said: “We are trying to ensure that these issues are part of this document.”

India also highlighted the importance of intra-generational equity along with inter-generational equity between and within nations.

Asked about the updated NDC – the nationally determined contribution as part of each nation’s actions for combating climate change – the official said: “India would submit the updated NDC under Paris Agreement before the designated time.”

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Yadav reiterates Modi’s demand of $1 trillion climate finance

The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC and expressed the need to ensure resources to TWN, the release added…reports Asian Lite News.

Calling upon the Like Minded Developing Countries (LMDC) to work closely to protect the interests of developing countries, Union Minister for Environment, Forests and Climate Change, Bhupender Yadav urged that climate finance cannot continue at the levels decided in 2009 and it should be at least $1 trillion to meet with the goals of addressing climate change.

The Environment Minister was speaking at the Ministerial meeting of the LMDC on the sidelines of COP26 in Glasgow. The meeting was presided by the Bolivian President, Luis Alberto Arce Catacora and the participating countries in the meeting included India, China, Cuba, Nicaragua and Venezuela.

Underlining the unity and strength of LMDC as fundamental in the United Nations Framework Convention on Climate Change (UNFCCC) negotiations to preserve the interest of the global south in fight against climate change, Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars, a release from the Ministry said.

The Environment Minister underscored that under the dynamic and visionary leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities. He requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI) and the Leadership Group for Industry Transition (LeadIT).

The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC and expressed the need to ensure resources to TWN, the release added.

Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced outcome with equal treatment to all agenda items, including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.

The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear. The outcomes of COP26 must respect the fundamental principles of Convention, including equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC).

The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building. They highlighted the empty promises of the developed countries and inability to deliver the $100 billion per year by 2020. They also called upon the speedy finalization of the Paris Rulebook.

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