Union Environment Minister Bhupendra Yadav on Wednesday said India is showing intent as a problem solver despite not being a traditional contributor to global emissions.
Addressing the opening ceremony of the G20 Environment and Climate Ministerial meeting in Bali, Indonesia, he also said that the current pace and scale of climate finance from developed countries is not matching with the global aspiration to tackle climate change.
“While India has not been a traditional contributor to global emissions, we are showing an intent to solve the problem in our actions,” he said.
Yadav said the maximum impact of the climate crisis is being borne by the poorest countries and the most vulnerable communities, who have contributed the least to the climate crisis and lack the technology and capacity, and finances to significantly change the status quo.
“However, the promise of climate finance remains a mirage. An additional problem is the linking of development finance with climate finance,” he said.
“In 2019, 70 percent of public climate finance was given in the form of loans rather than grants. In 2019-20, only six percent of climate finance was in grants. This is pushing developing countries into more debt,” the minister said.
“There is an urgent need to mobilize resources to stimulate the economy in a way that makes it more resilient and sustainable. But the current pace and scale of climate finance from developed countries is not matching with the global aspiration to tackle climate change,” Yadav said.