Genuine climate change financing needed: Shaktikanta Das

Ahead of the UN climate change talks beginning in Paris, India's Economic Affairs Secretary Shaktikanta Das on Sunday stressed the need for "genuine provision" of climate change finance from developed to developing countries instead of "clever accounting".

"Need genuine provision of climate change finance from developed to developing countries as per commitment and not clever accounting.

"Need credible, accurate & verifiable method of measuring true size of climate change finance flows from developed to developing countries," he tweeted.

Das contended that clean technology is important and not unreasonable standards that create markets for developed countries and escalate growth costs for others.

He said the Paris-based developed nations think-tank, Organisation for Economic Co-operation and Development (OECD) report on climate change finance provided by developed countries suffers from overstatement of numbers and double counting.

He noted India called for a roadmap for $100 billion a year in climate change financing by 2020, during the recent World Bank-IMF meetings in Lima, Peru.

Recently-released Indian finance ministry report "Climate Change Finance, Analysis of a Recent OECD Report: Some Credible Facts Needed" says that developed countries must ensure financing and technology transfer to developing countries to help them bringing down carbon emissions.