After the conclusion of the 14 BASIC Ministerial meeting on climate change here, Union Minister of State for Environment Jayanthi Natarajan said it was essential to have a clear road map to raise funds for the ‘Green Climate Fund’.
Globally, developed nations had resolved to raise funds, within the U.N. Framework Convention on Climate Change, to assist developing nations and least developed nations to make climate change actionable. The objective is to raise $100 billion by 2020, and to fast track initial capitalisation to the tune of $30 billion. “Of this, only $7 billion is available so far,” Ms. Natarajan said.
The Ministerial delegation expressed disappointment on the lack of commitment to ratchet up provision of finances for the fund. “We do realise that the issue of recession has been a factor. But it will not be possible for developing countries and least developed nations to battle climate change without funding,” Ms. Natarajan said, adding that there should be a clear agreement to raise funds, both in the short term and the long term.
Besides emphasising the need for unity among BASIC nations, Ms. Natarajan said they should also raise their ambition under the Kyoto Protocol and the U.N. Convention, and take into consideration the latest available scientific evidence on climate change trends and the global impact of greenhouse gas emission by developed countries. Technology transfer, adaptation and capacity building were key aspects, in this context, she said.
Sometimes, in the name of climate change, standards are sought to be set in some sectors, which may have an adverse impact for developing nations. “Countries like India are clear that there cannot be any sectoral action, and that many areas have to be discussed first,” she said.
Experts from all the BASIC nations have been asked to work on several issues: black carbon, report of the IPCC, equity and review of action by the countries.