India says it expects climate finance of USD one trillion 'at the earliest'

Glasgow, Nov 3 (PTI) India on Wednesday highlighted the importance of climate finance and transfer of low-cost technologies and said it expects climate finance of USD one trillion "at the earliest" in view of its new commitments.

Union Environment Minister Bhupender Yadav made the remarks after meeting Scotland's Finance Minister Kate Forbes on the sidelines of the crucial international climate conference COP26 here.

The minister, after meeting with Scotland’s Finance Minister Kate Forbes, said with Prime Minister Narendra Modi setting new benchmarks for climate action, finance and technologies become even more important.

“Had a wonderful meeting with Her Excellency Ms @_KateForbes, Minister of Finance and Economy, Scotland. On behalf of the Indian delegation thanked the Scottish administration for holding the event so professionally and the excellent hospitality extended by the people of Scotland.

“With PM Shri @narendramodi ji setting new benchmarks and India resolving to move forward with a new commitment, the transfer of climate finance and low-cost climate technologies becomes more important. India expects climate finance of $1 trillion at the earliest,” he tweeted.

Later, he also met COP 26 President Alok Sharma, the Indian-origin UK Cabinet minister, where he reiterated the importance of upscaling climate finance, technology and capacity building support to developed nations saying it is critical for developing nations to achieve higher ambitions.

During the day, he also met Australian Minister for Energy and Emission Reduction, Angus Taylor.

Yadav tweeted, “Had an engaging discussion with H.E., Mr @AngusTaylorMP, Minister for Energy and Emission Reduction, Australia, at @COP26. Both nations discussed furthering the partnership & exploring new opportunities to expand the relationship on climate change issues under global initiatives.” Yadav is in Glasgow representing India at the 26th Conference of Parties in Glasgow, UK which commenced on October 31 and will conclude on November 12. The UK is presiding over the conference.

The Indian environment minister has also been maintaining a blog “COP 26 Diary” in which he said, “It is a matter of pride for us Indians to note that we have not just been fulfilling our responsibilities as a global power in the fight against climate change, we are also taking the lead in the fight, emerging as a model worth emulating.” In the last two days, PM Modi made significant announcements raising India’s Nationally Determined Contributions (NDCs) including the bold pledge of India becoming net zero by 2070.

Besides the net zero target, Modi also raised the NDC of achieving 450 giga watt non-fossil energy capacity to 500 giga watt.

“India will increase its non-fossil energy capacity to 500 giga watt by 2030; India will fulfil 50 per cent of its energy requirements from renewable energy sources by 2030. Between now and 2030, India will reduce its total projected carbon emissions by 1 billion tonnes and by 2030; India will reduce the carbon intensity of its economy by 45 per cent and India will achieve the target of net zero by 2070,” the prime minister said, adding that "these five elixirs will be an unprecedented contribution by India towards climate action." He also asserted that it is the only country that is delivering in "letter and spirit" the commitments on tackling climate change under the Paris Agreement. PTI AK ZH RUP