Rising ambitions on climate action must see matching progress on climate finance PM Modi – EQ

In Short : PM Modi’s call for matching progress on climate finance aligns with the growing recognition of the pivotal role that financial resources play in driving initiatives that combat climate change, promote renewable energy, and foster environmental sustainability.

In Detail : New Delhi : Prime Minister Narendra Modi has called for ensuring requisite climate financing and technological transfer to developing countries, asserting that it must be recognised that they have not contributed in creating the climate problem but are still willing to be a part of the solution.

In Dubai to attend the COP28 meeting, Modi told the UAE-based Aletihad in an interview that he has always maintained that climate change is a collective challenge that demands a unified global response.

Rising ambitions on climate action must see matching progress on climate finance, he asserted.

India, he said, is optimistic that the meeting will inject fresh momentum into effective climate action.

He expressed hope that COP28 would bring fresh impetus to effective climate action and international cooperation in advancing the goals of the UNFCCC and the Paris Agreement.

“India and the UAE stand as partners in shaping a greener and more prosperous future, and we remain steadfast in our joint efforts to influence the global discourse on climate action,” he said.

Speaking on the Indo-UAE ties, he said their partnership in climate action is going from strength to strength, driven by a futuristic vision.

India and the UAE enjoy robust and enduring relations and can join forces in establishing a common grid to enhance energy security, leveraging each other’s strengths in the energy sector and providing support to the International Solar Alliance’s Global Solar Facility, Modi told the newspaper.

“India and the UAE stand as partners in shaping a greener and more prosperous future, and we remain steadfast in our joint efforts to influence the global discourse on climate action,” he said.

It is his sixth visit to the UAE since becoming prime minister in 2014.

As countries that share a vision of promoting sustainability and renewable energy, India and the UAE have emerged as leaders in global renewable energy efforts, he said, commending the UAE’s unwavering commitment to climate action within the renewable energy sector.

On climate finance, often a sticking point during climate talks, Modi said he has always maintained that it is a collective challenge that demands a unified global response.

“It is essential to recognise that developing countries have not contributed in the creation of the problem. Yet developing countries are willing to be a part of the solution,” the prime minister said.

“But, they cannot contribute without access to the financing and technology needed… I have, therefore, advocated strongly for global cooperation for ensuring requisite climate financing and technology transfer,” he said, stressing the importance of ensuring that climate financing flows to the developing world in a practical and assured manner.

He added, “I believe climate action must be based on equity, climate justice, shared obligations and shared capacities. By adhering to these principles, we can forge a path toward a sustainable future that leaves no one behind.”

As nations pursue climate action it must be ensured that development priorities of the Global South are not compromised, he asserted.

“I am happy that during the recent New Delhi G20 Summit, this aspect has been properly addressed, including through a recognition of the need to rapidly and substantially scale up investment and climate finance from billions to trillions of dollars globally from all sources,” he said.

The implementation of commitments of developed countries to provide technological and financial support to developing countries needs to be at the forefront of the agenda at COP28, he stressed, adding that rising ambitions on climate action must see matching progress on climate finance.

“At COP28, we hope to have credible progress on the New Collective Quantified Goal (NCQG) on Climate Finance,” he said.

On collaboration between the two countries, he said their cooperation spans the entire energy spectrum, with a strong focus on sustainability.

“Our enduring relationship is founded on multiple pillars, and the dynamism of our ties is expressed by our Comprehensive Strategic Partnership,” Modi said.

The two nations have been actively collaborating on addressing the pressing global challenge of climate change, he said.

Delving into the “futuristic vision” driving India’s partnership with the UAE in the climate domain, he said the two countries have had robust cooperation in the area of renewables since 2014, and during his visit to the UAE in July this year they resolved to take forward their cooperation in green hydrogen, solar energy and grid connectivity.

“You would also remember that last year, President His Highness Sheikh Mohamed bin Zayed and I had unveiled a framework for advancing our strategic partnership for the coming decade, which emphasised climate action and renewables,” Modi noted, appreciating the country’s investment in this sector in India.

“In my view, there is no doubt that in the years to come, this partnership will play a pivotal role in crafting global solutions to the challenges we currently face in this sphere,” he said.