Union Finance Minister Nirmala Sitharaman called for concrete action on climate funding and transfer of technology at the upcoming global climate summit COP28, where policymakers and governments will converge to chalk future strategy for climate mitigation.
The Finance Minister made the comments during a virtual session at the inaugural event of India Global Forum Middle East and Africa 2023 (IGF ME&A) held in Dubai on Monday.
"India will certainly be pushing forward to showcase what it has achieved with its own funds. The Paris commitment given by us has been funded by us. We didn't wait for the hundred billion that is never on the table. A lot of talk, but no money coming on the table. No pathways to show how technology is going to be transferred," Nirmala Sitharaman observed.
Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.
Demanding action instead of words, the Union Minister said, "Particularly for developing and emerging market economies, funding this is going to be a huge challenge. So, I would think the conversations can happen; a lot of talks can happen but eventually, COP28 should show the direction, both for the transfer of technology and for the actual funding."The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, will be the 28th United Nations Climate Change Conference, which will be held from November 30 until December 12, in Dubai.
While she admitted that there would be challenges, Nirmala Sitharaman said that the current geopolitical tensions in the Middle East would not affect the ambitious India-Middle East-Europe Corridor (IMEEC) that was announced during the G20 Summit back in September.
"It is a vision for long-term considerations and it is going to be a long-term project. It's not just going to depend on one or another major event pertaining to the area. It is going to be pursued because India has a very good relationship with each of the Middle East countries. So, IMEEC, or the India, Middle East, and Europe Economic Corridor is not going to be dependent on one or the other major event of concern, but it is something on which the vision drives the implementation in the long run," she noted.