- Category: Politics
06 Aug 2012
- Published on Monday, 06 August 2012 10:16
- Hits (1257)
India wants to amplify its voice in the global climate talks and has created a new Climate Change Financing Unit to pave the way for this goal. “Climate change is a complex policy issue with major implications in terms of finance. All actions to address climate change ultimately involve costs,” said India’s Finance Ministry in a statement.
The special unit will provide guidance to the country’s Environment Ministry mainly by arranging briefs and position papers for the government to strengthen its position on existing and emerging climate issues. It will also look into financial pledges made by the developed countries in tackling climate change.
Key issues that the C.C.F.U. will tackle were covered by the Finance Ministry in their “Designing the Green Climate Fund” working paper. The paper stipulates that “current government expenditure on adaptation to climate variability exceeds 2.6 percent of the G.D.P., with agriculture, water resources, health and sanitation, forests, coastal zone infrastructure and extreme events being specific areas of concern.”
As a developing country, which would be “one of the hardest hit by climate change,” funding is critical for India in able to effectively integrate adaptation and mitigation plans and projects. This makes the creation of the new unit important and necessary.
However, despite the country’s efforts to meet its goal of cutting G.D.P. emissions by 20 to 25 percent by 2020 from 2005 baseline, the United Nations Framework Convention on Climate Change places the financial accountability on the shoulders of developed countries.
The U.N.F.C.C.C. projected that an additional global investment of over $200 billion by 2030 is needed to bring back greenhouse gases to current levels. Developing countries such as India would need support from a multilateral financial schemes, like Green Climate Fund, by the developed countries in able to meet the increasing fund requirements for clean technology projects. – EcoSeed Staff