BASIC nations push for ‘climate finance’

A reminder for developed countries

Ahead of the United Nations Conference of Parties (COP) in December, Environment Ministers and top climate change negotiators from Brazil, South Africa, China and India (BASIC) convened in Delhi on Tuesday and said the countries — as a group — would continue to push for developed countries on their earlier commitment to providing $100 billion annually from 2020.

So far only a fraction of these monies have actually been provided, the BASIC group stated.

This year’s edition of the COP — the 24th such meeting — will see representatives from at least 190 countries, think-tanks, and activists converge in Katowice, Poland from December 2 to 14 to try to agree on a Rule Book that will specify how countries will agree to take forward commitments taken at the 21st COP in Paris in 2015. At that meeting, countries had agreed to take steps to limit global warming to 2C below pre-industrial levels. A key aspect to make this possible is climate finance, but countries so far aren’t agreed on what constitutes climate finance: do investments made by private companies in developed countries in new green technology count? Does improving efficiency in a thermal plant count?

“Ministers reiterated that public finance is the fulcrum of enhanced climate ambition by developing countries and urged developed countries to fulfil their climate finance commitments,” said a statement by the Ministers. “On the ground, there is not much development on providing finance,” said Environment Minister Harsh Vardhan.

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