India raises concern over climate financing, technology transfer – BusinessLine

Finance Minister Nirmala Sitharaman has said that climate financing continues to be an area of worry as she flagged India’s concerns over funding mechanism and technology transfer.
Her remarks came ahead of the upcoming COP26 Summit to be held at Glasgow in the United Kingdom. Leaders of nearly 200 countries, including India, will gather at the high-level summit on climate change, scheduled to be held from October 31 to November 12, to discuss the way forward to tackle climate action and submit their updated targets.
Sitharaman said it is unclear how the $100 billion per year commitment given in the wake of COP21 has been extended.
“From my side, of course, one of the issues that I did raise and it is also something which many people do take cognisance of, is we actually don’t know if there were any measures given to measure if the money spent on a particular project will be part of that $100 billion,” Sitharaman said after the conclusion of her meetings at the International Monetary Fund (IMF) and the World Bank here on Friday.
“So, what constitutes $100 billion? How do we measure if $100 billion has actually been given or only some of it has been given?” she said.
Sitharaman said several participants, both in the IMF and World Bank meetings, highlighted this particular issue.
“Funding is a question of worry for many countries, as much as even the transfer of technology,” she said.
“With the transfer of technology, do we know what technology we are asking for? Do we know which are those things which have to be considered for the debate and transfer of technology,” Sitharaman said.
Responding to a question, the Finance Minister asserted that her view on this was not a reflection of her dissatisfaction.
Also see: India introduces draft resolution in UNGA to grant Observer Status to International Solar Alliance
“India has fulfilled its commitments, and also submitted a report to show that this is what we have done. What has to be achieved by 2030, we have achieved already…almost achieved, and now we’ve scaled up our expectations on renewable (energy) and we are touching 450 GW (gigawatt),” Sitharaman said.
“From our side, we are moving with our own resources in fulfilling our commitments,” the minister said.
There are things to be done, she acknowledged.
“Because of the level at which many countries are, the development required to comply with even a nationally determined commitment is a lot,” Sitharaman said.
She also expressed concern over growing oil prices.
“Even as we’re putting more money into renewables and trying to be cleaner in the energy that we produce, this price rise is something which is going to be of worry,” Sitharaman said.
Also see: Developed nations must enact laws for zero-emission goal by 2030: India
Responding to a question, the Finance Minister said sustainable debt funding was discussed during the meetings.
In addition to her meetings at the IMF and the World Bank, Sitharaman had more than 25 bilateral engagements.
Sitharaman has concluded the Washington DC-leg of her US trip. From here, she will go to New York for an interactive session with the business community before flying back home. She started her week-long trip from Boston on Monday.
Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.
Zee’s founding family plots a twist in the tale and stays in control
Mathew Joseph, COO of FreshToHome, has honed the art of fishmongering
The story behind the vaccine development and the dose of innovation the Ellas have brought to India’s biotech …
Hydrogen generation from agri residue could well change the mobility scenario
Identifying them early on, holding them through ups and downs not easy
Here are six choices for your hard-earned money
We list a set of Do’s and Dont’s that MF investors should consider
The indices ended the sideways consolidation last week with a strong rally
The book stresses that good consultants must resist the temptation to make the people they consult dependent …
Economist Prasad says the world of finance is on the threshold of major disruption that will affect …
On his 75 birthday, several stalwarts from the cricketing world came together to pen their thoughts on the …
In Wanderers, Kings, Merchants, linguistics teacher Peggy Mohan delves into the origins of the subcontinent’s …
How the classical vocalist got audiences singing to his tune, 30 seconds at a time, is a case study in …
The FMCG behemoth’s CMD Sanjiv Mehta on how it is using personalisation to change the assortment at every …
Quick Smart Wash seeks to expand horizons and find new niches in the laundry business
Announces launch of Dentsu gaming
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers …
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of …
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as …
The Hindu