COP27: India says access to Finance, Technology for developing countries must to protect planet earth

India has told the developed countries that access to Finance and Technology to developing countries is must to protect earth from apocalyptic changes.

Union Minister of Environment, Forest and Climate Change, Bhupender Yadav said this, while speaking at a High-Level Ministerial Dialogue on Climate Finance in the ongoing COP27 summit at Sharm El Sheikh, Egypt.

Raising concerns over the issue of climate finance, the Minister said that the commitment made by the developed countries to mobilize 100 billion dollars from diverse sources by 2020 was a meager amount and remains unachieved till now. He added that the current needs of developing countries are estimated to be in the order of trillions.

The Minister said, there is no understanding of what really comprises climate finance.

Saying that transparency and trust are the backbones of all multilateral discussions, Mr. Yadav stated that having a clear definition of climate finance will promote transparency and trust, which is vital for furthering constructive deliberations.

The Minister said, there is a need to further work in arriving at a meaningful definition of climate finance.