Finance Minister Nirmala Sitharaman has called for concrete action on climate funding and transfer of technology at the upcoming global climate summit (COP28). Speaking at the inaugural event of the India Global Forum Middle East and Africa 2023 (IGF ME&A) in Dubai, Sitharaman emphasized the need for developed countries to fulfill their commitments on climate finance and technology transfer.
Concrete Action Needed Sitharaman stated that COP28, scheduled to take place from November 30 to December 12 in the UAE, should show the direction to countries on climate action. She stressed the importance of concrete steps on climate funding and technology transfer, highlighting that India will showcase its achievements in these areas.
The minister noted that India has fulfilled its Paris Agreement commitments using its own funds, without waiting for the promised $100 billion in climate finance from developed countries. She criticized the lack of progress on technology transfer, saying that there has been a lot of talk but no tangible action.
Funding Challenges for Developing Countries
Sitharaman acknowledged that funding climate action will be a significant challenge, particularly for developing and emerging market economies. She called for serious discussions and a clear direction from COP28 on both technology transfer and funding.
India-Middle East-Europe Corridor
On a separate note, Sitharaman addressed concerns about the ambitious India-Middle East-Europe Corridor (IMEC) project, which was announced during the G20 Summit in September. She assured that the current geopolitical tensions in the Middle East will not affect the long-term vision of the project.
Sitharaman emphasized that IMEC is a long-term project based on India’s strong relationships with Middle Eastern countries. She expressed confidence that the project will face challenges but has the potential to be critical for global trade, partnerships, and benefit all participating countries.
India’s participation in COP28 and its commitment to showcasing its climate achievements without relying on external funding demonstrate the country’s proactive approach to addressing climate change. Sitharaman’s call for concrete action on climate funding and technology transfer reflects India’s concerns about the lack of progress made by developed countries in fulfilling their commitments. The IMEC project, despite geopolitical challenges, holds promise for fostering global trade and partnerships.
