Finance, tech transfer, capacity building on India's agenda for COP27

Climate finance, technology transfer, and capacity building will be on India’s agenda for COP27 that starts on Sunday in Egypt, said Environment Minister Bhupender Yadav on Thursday.

“This year it is a ‘COP for Action.’ Our focus will be on bringing clarity on climate finance definition and transparency in the process of fund distribution,” he said.

Pointing to ambiguity in climate finance — whether it is a grant, subsidy or loan — Yadav said “the target of $100 billion has not been achieved and there is no clarity on who has received how much money”. India will also push for equal distribution of aid for mitigation and adaptation along with renewed demand for loss and damage (L&D) funds for developing nations.

India will also seek clarity on loan availability, credit mechanisms and insurance requirements for adaptation finance. India submitted its updated Nationally Determined Contributions (NDCs) under the Paris Agreement to the UN Framework Convention on Climate Change in August 2022. The country’s NDCs span up to 2030 and are a step towards its net zero goals by 2070.

The Indian government has submitted eight key NDCs, of which two are updates on existing targets. It has committed to reduce carbon emissions intensity of its GDP by 45 per cent by 2030, from 2005. It was earlier 30 per cent. Another target is drawing 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

India has added a new target of creating a carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent through additional forest and tree cover by 2030.

The UN Environment Programme’s (UNEP) “Emissions Gap Report 2022-The Closing Window” highlights that despite a decision by all countries at COP26 to strengthen NDCs and some updates, progress has been woefully inadequate.

NDCs submitted this year take only 0.5 gigatonnes of CO2 equivalent, less than one per cent, of projected global emissions in 2030.

“Current policies alone would lead to a 2.8°C hike, highlighting the temperature implications of the gap between promises and action,” said the UNEP report.