The participants expressed serious concern that ‘’the goal of developed countries to mobilise jointly $100 billion per year by 2020 in the context of meaningful action and transparency on implementation has not yet been met and urged the developed countries to meet the goal.’’
Participants at the working group meeting expressed ‘’concerns that global ambition and implementation to address climate change are insufficient, including that the world is not yet on track to achieve the temperature goal of the Paris Agreement to limit global temperature rise to well below 2 degree Celsius per industrial levels and resolve to pursue determined and decisive efforts to limit the temperature increase to 1.5 degree Celsius above pre industrial levels
The Ministry of Environment, Forest and Climate Change Secretary Leena Nandan on Monday said that Climate finance has been a key aspect that is discussed and debated at the UN Climate Change Conferences every year. ‘’However, a large issue of meeting the climate challenges is linked to finance flows and they are not forthcoming and that is the issue developing countries take up constantly through various multilateral and UN conventions. It is also deliberated at the working group meeting,’’ she added at the press conference on the sidelines of the G20 3rd Environment and Climate Sustainability Working Group Meeting being held in Mumbai.
The participants expressed serious concern that ‘’the goal of developed countries to mobilise jointly $100 billion per year by 2020 in the context of meaningful action and transparency on implementation has not yet been met and urged the developed countries to meet the goal.’’
‘’The issue of finance is completely linked with the ability of countries to achieve their mitigation targets and also to take care of adaptation requirements and that is where economic activities come from. Ocean related activities will have to be such that to harness the potential of oceans but don’t have a negative impact. So the way we are going to fund the activities through the sources of energy that we can capture is crucial.
The Ministry of Earth Sciences has done a lot of research in tidal energy, wave energy, salt waste energy. How does the high cost energy get developed and translated into the low income and developing countries so that we harness the potential but in an affordable manner. That is why R&D and financing of technologies are closely interlinked,’’ said Nandan, adding that the blended finance instruments will be considered in this regard.
Participants at the working group meeting expressed ‘’concerns that global ambition and implementation to address climate change are insufficient, including that the world is not yet on track to achieve the temperature goal of the Paris Agreement to limit global temperature rise to well below 2 degree Celsius per industrial levels and resolve to pursue determined and decisive efforts to limit the temperature increase to 1.5 degree Celsius above pre industrial levels. This would significantly reduce the risks and impacts of climate change.’’ They welcomed the contributions of the Intergovernmental Panel on Climate Change and stress upon the need for accelerated and effective climate action.’’
Further, the participants insisted that ‘’The impacts of climate change will be much lower at temperature increase of 1.5 degree Celsius compared with 2 degree Celsius and resolves to pursue further efforts to limit the temperature increase to 1.5 degree Celsius.’’
The participants said ‘’they aim to reach global peaking of greenhouses gas emissions as as soon as possible, recognising that the peaking will take longer for developing countries and undertake rapid reductions thereafter in accordance with base available science to as to achieve a balance between anthropogenic emissions by sources and removals by sinks of greenhouse gases in the second half of this century, on the basis of equity, and in context of sustainable development and efforts to eradicate poverty.’’
