Addressing a session on Transforming Climate Finance at the summit currently underway in Dubai, the PM said that countries in the Global South expect support from developed nations in dealing with the crisis.
“They (countries in the Global South) do not have adequate resources to act on climate change. To meet the climate ambition of global south, climate finance and technology are indispensable,” PM Modi said. “Climate finance should be available, accessible and affordable.”
Elaborating on the four action points, Modi said, “First, COP28 must make progress on the New Collective Quantified Goal on Climate Finance (for the post-2025 period). Secondly, there should be no curbs on fund flow to Green Climate Fund and Adaptation Fund, they should be fully funded. Third, multilateral development banks should make affordable climate finance available. Fourth, developed nations should reduce their carbon footprint and become carbon neutral before 2050.”
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