Ahead of COP28, India’s Finance Minister Nirmala Sitharaman called for concrete action on climate funding and transfer of technology at the upcoming global climate summit. The minister made the comment in a virtual session at the inaugural event of India Global Forum Middle East and Africa 2023 (IGF ME&A) in Dubai on Monday.
“India will certainly be pushing forward to showcase what it has achieved with its own funds,” she said. “The Paris commitment given by us have been funded by us. We didn t wait for the hundred billion that is never on the table. A lot of talk, but no money coming on the table; No pathways to show how technology is going to be transferred.”
Demanding action instead of words, the minister added, “Particularly for developing and emerging market economies, funding this is going to be a huge challenge. So, I would think the conversations can happen, a lot of talk can happen but eventually COP28 should show the direction, both for transfer of technology an
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"Eight years on from the Paris Agreement, policies remain insufficient to stabilise temperatures and avoid the worst effects of climate change. Collectively, we are not cutting emissions fast enough and are falling short on the needed investment, financing, and technology," the IMF blog noted.
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IMF advises an annual increase in green investments to $5 trillion by 2030, emphasising private sector involvement, especially in developing countries., , COP 28, international monetary fund, Green Investments