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PM Modi asks developed nations to pledge $1 trn for climate financing

Glasgow: Prime Minister Narendra Modi speaks during the ‘Accelerating Clean Technology Innovation and Deployment’ event at the COP26 U.N. Climate Summit (AP)Premium
Glasgow: Prime Minister Narendra Modi speaks during the ‘Accelerating Clean Technology Innovation and Deployment’ event at the COP26 U.N. Climate Summit (AP)

Speaking at the World Leaders’ Summit in Glasgow, Modi had said that as the world was increasing its commitments to cut greenhouse gases, rich countries should increase their contribution from $100 billion a year to $1 trillion

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NEW DELHI: India on Tuesday launched a bid to garner support for Prime Minister Narendra Modi’s call for $1 trillion from developed countries as finance for developing countries to lessen the impact of climate change through mitigation and adaptation measures.

In a meeting with the Like Minded Developing Countries – a group of 25 nations that includes China Pakistan alongwith Bolivia – on the sidelines of the Glasgow climate conference, Environment Minister Bhupendra Yadav called on the members of the group to work closely to protect the interests of developing countries, a government statement said. The meeting was presided by the Bolivian President Luis Alberto Arce Catacora. China, Cuba, Nicaragua and Venezuela were among the countries that took part in Tuesday’s meeting.

Speaking at the World Leaders’ Summit in Glasgow on Monday, Modi had said that as the world was increasing its commitments to cut green house gases (GHGs), rich countries should increase their contribution from $100 billion a year agreed to in 2009 to $1 trillion.

Yadav 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)," it said.

Yadav called upon the LMDC countries “to work closely to protect the interests of developing countries, including the need to ensure a balanced out come 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 statement said.

“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 COP 26 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 about 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," the statement added.

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