Rich nations should provide climate finance to developing countries: Bhupender Yadav

New Delhi : Developed countries historically responsible for maximum carbon emissions should come forward and own the responsibility of providing finance to developing countries to address the climate crisis, Union Environment Minister Bhupender Yadav said on Friday.

Climate finance will be at the centre of the UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) — the new amount developed nations must mobilise every year starting in 2025 to support climate action in developing countries.

“Temperature rise is a global problem. IPCC reports clearly say the increase in carbon emissions is driving average global temperatures up. Countries have prepared their Nationally Determined Contributions. India has achieved its climate targets, be it in the renewable energy sector or reducing carbon emissions,” Yadav said at the India Climate Summit organised by Times Network.

“Developed countries are required to provide finance and technological support to developing countries if we need equal growth in the world. Unfortunately, this could not happen but the New Collective Quantified Goal will be the central point of the COP29 in Baku. Countries historically responsible for maximum carbon emissions should come forward,” he said.

NDCs are national climate plans to achieve the goals set out in the 2015 Paris Agreement, including limiting global warming to well below 2 degrees Celsius and preferably to 1.5 degrees Celsius compared to the 1850-1900 average.

With the Earth’s global surface temperature already 1.15 degrees Celsius above the average in 1850-1900, climate scientists say countries need to take urgent action to reduce heat-trapping greenhouse gas emissions by at least 43 per cent by 2030 (compared to 2019 levels) to limit warming to 1.5 degrees Celsius.

Developing nations argue they cannot be expected to reduce CO2 emissions faster if developed countries — historically responsible for climate change — do not provide enhanced financial support.

Now, rich countries are expected to raise more than USD 100 billion, with developing countries demanding trillions of dollars to tackle climate change.