Money forecasting

Climate finance is the pivotal issue at COP27

- SATYEN MOHAPATRA

INDIA WANTS THE crux of the entire global climate change effort—climate finance—to be addressed at COP27, held in Egypt (November 6-18), which is the biggest jamboree of global climate stakeholders. India feels, and rightly so, that nations must not close an international meeting with just high-sounding words and assurances. The time has come for implementation. Egypt has rightfully named COP27, as the COP of “Implementation”.

India plans to support Egypt with a plan of action that answers the needs of developing countries. The goal of the international meeting is to make nations work towards “faithful, balanced and comprehensive” implementation of the convention and the Paris Agreement, by its principles. The Paris Agreement is a “legally binding” international treaty on climate change. Its goal is to limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, compared with pre-industrial levels.

One of the major stumbling blocks is that even though funds have been flowing purportedly for climate change into developing countries, it is not known where and how the funds are being utilised as there is no agreed definition of climate finance yet. It is here that India would like clarity and a consensus to be built among parties.