We Must Aim For Higher Global Ambition On Climate Finance: Bhupender Yadav At COP26
The Environment Minister mentioned that COP 26 must aim for higher on climate finance along with recognition of Parties’ differing historical responsibilities and developmental challenges
Union Minister for Environment, Forest and Climate Change Bhupender Yadav delivered the statement on behalf of the BASIC group of countries, comprising Brazil, South Africa, India and China at the UN Climate Change Conference underway at Glasgow.
He highlighted that even though COP 26 has been delayed by a year, Parties have already commenced implementation of their Nationally Determined Contributions (NDCs) and therefore, it is crucial that Paris Agreement Rulebook is concluded at COP 26.
“In doing so, full effect must be given to implementation of the principles of Equity and Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) and, recognition of the very different national circumstances of Parties”, said Yadav and underlined that developing countries must be accorded time, policy space and support to transition towards a low emissions future.
The Environment Minister mentioned that COP 26 must aim for higher global ambition on climate finance and adaptation as well, along with recognition of Parties’ differing historical responsibilities and the developmental challenges faced by developing countries, compounded by the COVID-19 pandemic.
In the statement, Yadav recalled the bottom-up nature of the Paris Agreement and the freedom of Parties to determine their NDCs and progressively update them based on the outcomes of the Global Stocktake cycle and as per national circumstances and call of science.
With regard to the long-term temperature goal, he affirmed that the latest available science makes it clear that all Parties need to immediately contribute their fair share, and achieving this would require developed countries to rapidly reduce their emissions and dramatically scale-up their financial support to developing countries.
“Developed countries have not only failed to meet the $100 billion goal per year of support to developing countries each and every year since 2009, but they also continue to present the 2009 goal as the ceiling of their ambition all the way to 2025. In a context where developing countries, including BASIC countries, have massively stepped up their climate actions since 2009, it is unacceptable that there is still no matching ambition from developed countries on the enabling means of implementation on climate finance support.”, said the Environment Minister.
He further added that COP 26 needs to be remembered as the COP where a step-change in financial support for developing countries from developed countries was initiated.
He said that along with finance, technology development and transfer and capacity-building are critical enablers of climate actions in developing countries.
“Decisions, particularly on climate finance and Article 6, can significantly help enhance climate ambition. A market mechanism that facilitates private sector engagement in carbon markets could help further raise climate ambition, in addition to what is being achieved under the NDCs.”, said the Minister
Yadav highlighted that the success of multilateralism lies in the transparent, inclusive, Party-driven and consensus-based nature of the UNFCCC process and the group expects that all agenda items shall proceed in an inclusive and balanced manner, and the outcome should reflect the views of all Parties.
In the end, on behalf of the BASIC group, he reaffirmed full commitment to fighting climate change and work constructively and progressively with the Presidency and all other Parties in ensuring that a successful outcome is reached at COP 26.