AHEAD OF COP28, INDIA STRESSES URGENCY IN CLIMATE MEASURES

There is a need for concrete action on climate funding and transfer of technology at the upcoming global climate summit," FM said

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In a virtual session at the India Global Forum Middle East and Africa 2023 (IGF ME&A), Union Finance Minister Nirmala Sitharaman stressed the need for tangible measures in climate funding and technology transfer at the upcoming COP28, a crucial global climate summit where policymakers will strategize for future climate mitigation efforts.

Addressing the audience during the inaugural event held in Dubai, Sitharaman emphasized India’s commitment to showcasing its achievements in climate action, underlining that the Paris Agreement commitments were funded by India itself. She expressed concern over the lack of substantial financial support on the table, stating, “There is a lot of talk, but no money is coming on the table. There are no pathways to show how technology is going to be transferred.”

Climate finance, as Sitharaman highlighted, is essential for supporting actions related to both climate change mitigation and adaptation. She called for practical steps rather than mere discussions, especially for developing and emerging market economies facing significant funding challenges. Sitharaman urged COP28 to provide clear directions for both technology transfer and actual funding.