Pace, scale of climate finance from developed world not matching global aspiration: minister Bhupendra Yadav

Bali [Indonesia], August 31 : Union Minister of Environment, Forest and Climate Change Bhupendra Yadav on Tuesday said the "current pace and scale" of climate finance from developed countries was not matching the global aspiration to combat climate change.
The minister made the remarks while speaking at the G20 Environmental and Climate ministerial meeting in Indonesia's Bali.
Minister Yadav added that there was an urgent need to mobilise resources to stimulate the economy in a manner that makes it more resilient and sustainable.
"Therefore, apart from doing everything we can to cut emissions and slow the pace of global warming, we must also adapt to climate consequences so we can protect ourselves and our communities," Yadav said in his opening remarks.
The world, he said, is going through multiple crises, with rising energy bills, increasing food insecurity, capital flight from developing countries, and a pandemic that continues to push back years of progress in sustainable development.
"Alongside these ongoing crises are the growing threats of climate change, biodiversity loss, and land and ocean pollution. These environmental stresses impose additional burdens on the poorest and most vulnerable, who have done little to create global environmental problems and whose development aspirations remain unfulfilled" he added
The global community must seek a trinity of jobs, growth, and sustainability, which are embedded with equity and justice, he added in his remarks.
"There is an urgent need to mobilise resources to stimulate the economy in a manner that makes it more resilient and sustainable. But the current pace and scale of climate finance from developed countries is not matching the global aspiration to combat climate change," the Minister added
He also said that collectively initiative is needed towards turning ambitions into actions in accordance with the principle of common but differentiated responsibilities and respective capabilities.
Bhupendra Yadav said that India was totally committed to driving its low carbon industry transitions through a multi-pronged approach that cuts across sectors and issues.
"In order to mobilize resources for green infrastructure, sovereign green bonds will also be issued as a part of the government's financial market approach," he said.
Union Minister further said that India has progressively reduced and rationalised subsidies, through the elimination of major transport fuel subsidies, and better targeting, such as through providing subsidies on renewable sources of energy and concessional tax rates.
In addition, India, he said, has recognised that circular economy approaches are key for achieving environmentally sound waste management and is working tirelessly to bring circularity and resource efficiency in eleven waste streams, with the preparation of action plans.
"Globally, in order to effectively combat climate change, we must, first, recognise that development and environment conservation need to be aligned, rather than treated exclusively of each other. Secondly, we must decouple economic growth from greenhouse gas emissions, while considering national circumstances and the principle of common but differentiated responsibilities and respective capabilities," Yadav said.
For the record, India's renewable energy capacity has increased by almost 300 per cent since 2015.
At the COP26 summit at Glasgow in late 2021, Indian Prime Minister Narendra Modi committed to an ambitious five-part "Panchamrit" pledge, including reaching 500GW of non-fossil electricity capacity, to generate half of all energy requirements from renewables, to reduce emissions by 1 billion tons by 2030.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.