India calls on rich nations to live up to their $100 billion annual pledge ahead of COP27

India urged rich, developed nations to fulfil their promise of contributing $100 billion in annual climate finance to developing nations ahead of the 27th Session of Conference of Parties of the UNFCCC – COP27 – scheduled to be held at Sharm El-Sheikh, Egypt from November 6-18, 2022.

“The goal of $100 billion per year of climate finance by 2020 and every year thereafter through 2025 is yet to be achieved. Due to lack of common understanding, several estimates of what has flown as climate finance are available. While the promised amount must be reached as quickly as possible, there is a need now to substantially enhance the ambition to ensure adequate resource flow under the new quantified goal post-2024.” read India’s statement.

In the 2009 conference, developed countries, comprising the ‘global north’, which are most responsible for global warming, carbon emissions, and the deteriorating global climate, pledged an amount of $100 billion to the developing nations who are subjected to the consequences of their actions. 

These nations have failed to contribute the same until now despite repeated appeals from the United Nations and the Organisation for Economic Co-operation and Development. This has caused reluctance among developing nations such as India to accelerate their carbon emission reductions.

COP27 will be attended by Union Minister of Environment, Forest and Climate Change, Bhupender Yadav.

“India is committed to both domestic action and multilateral cooperation on climate change, and will continue to fight all global environmental concerns in the call to protect humanity’s planetary home. But global warming also warns that equity and international cooperation, leaving no one behind, hold the key to success, where the most fortunate must lead the way,” read India's statement extending support and cooperation to meet the goals of the COP27.

Additionally, India said it looks forward to “substantial progress” post the conference and sought “clarity on climate finance” and its distribution between the developed and developing nations. “More clarity is needed on the definition of climate finance for the developing countries to be able to accurately assess the extent of finance flows for climate action,” the statement highlighted.

Emphasising on the fact that COP27 should serve as one of “implementation” and transcend beyond deliberation, the statement concludes: “Reaching the USD 100 billion per year goal must come first, and the developed countries must be asked to show the roadmap for the same.”

Meanwhile, India remains the third largest global emitter of greenhouse gases while the nation’s per capita carbon emissions are considerably low.

According to climate experts, to achieve carbon neutrality, also termed as ‘net-zero-emissions’ goal by 2070 which was highlighted during COP26 and is to be carried over to COP27, India needs to fulfil its pledge of reducing emissions by 45 per cent by 2030, balance carbon emissions and carbon absorption from the atmosphere, eradicate the usage of coal as it’s primary source of power-generation, and accelerate non-fossil fuel usage to power its industries.