At COP28, Yadav seeks clarity on climate finance definition

Not having a consistent definition of climate finance leads to inadequate transparency and insufficient trust among countries, Union environment minister Bhupender Yadav said on Friday, as he raised concerns over the alleged lack of clarity in wealthier countries honouring the $100 billion climate financing commitment they made in 2009.

- Jayashree Nandi

At the 15th edition of the Conference of Parties or COP15 in 2009, developed countries had pledged to mobilise $100 billion per year by 2020 for climate action in developing nations.

On November 16, the Organisation for Economic Co-operation and Development (OECD), whichis an intergovernmental organisation of mostly developed countries, said the commitment was likely met, just for a year, in 2022. Developing nations, however, alleged that the promise is yet to be fulfilled.