GCF of $100 bn/year not enough to tackle climate change: India

India today said the commitment by some developed nations to generate USD 100 billion towards Green Climate Fund (GCF) every year by 2020 will not prove sufficient to tackle the climate change issues.
India, which is in the advanced stage of finalising its INDCs, also said pre-2020 actions to tackle climate change should be "ambitious", while stating that the countries which had pledged to cut carbon emissions should fulfil their commitment even if a new global pact is arrived at in Paris later this year, for post-2020 implementation.
INDCs (Intended Nationally Determined Contributions) are voluntary pledges that countries are making to cut carbon pollution ahead of UN climate meet in Paris at the end of the year. The meeting is supposed to come out with a new global climate agreement.

"We are at a fairly advanced stage of finalising our INDCs. We will submit our INDCs before the September deadline. Already, some 40 countries have declared their INDCs, " Environment Secretary Ashok Lavasa said at a FICCI event here.
Asserting that India believes in having "comprehensive" INDCs, Lavasa said that it (INDCs) should not confine to mitigation goals alone but reflect the developed countries' commitment towards mobilising finance and green technologies.
The Secretary further said that though some developed countries have committed to provide USD 100 billion per year towards the GCF by 2020, but certainly the funds are not enough to tackle the climate change issues.

"We all know that transfer of technology and R&D -- all requires capital resources. Certainly, USD 100 billion may not be enough to solve the problem of climate change," he said.

The GCF was set up under the framework of the United Nations Framework Convention on Climate Change (UNFCCC) in 2010 and developed countries had committed to raise USD 100 billion each year by 2020 to help developing countries deal with climate change.
Even at the Petersberg Climate Dialogue in May this year, India had sought clarity on ways to mobilise the targeted global climate fund saying the developed countries are "nowhere" near the goal and this raises question on the credibility of the commitment.

It had also said that all countries must know the quantum of international financial assistance as they are in the process of preparing INDCs.