India showing intent as problem solver: Environment minister at G20 meet
- IBEF
- September 1, 2022
Despite not being a traditional contributor to global emissions, Minister of Environment, Forest, Climate Change, Labour and Employment Mr. Bhupender Yadav said that India is showing its intent to be a problem solver. In his remarks at the opening ceremony of the G20 environmental and climate ministerial meeting in Bali, Indonesia, he also stated that the current pace and volume of climate finance from wealthy countries is not keeping pace with the global desire to address climate change.
According to him, the poorest countries and most vulnerable populations are bearing the brunt of the climate problem since they contributed the least to it and lack the technology, capacity, and resources needed to dramatically alter the current quo.
The minister said that, in 2019, 70% of public climate money was distributed as loans rather than grants. Grants accounted for only 6% of climate finance in 2019-20. This is dragging poor countries deeper into debt. According to him, it is critical to mobilise resources to stimulate the economy in a way that makes it more resilient and sustainable. However, the current pace and volume of climate finance from wealthy countries falls short of the global desire to address climate change.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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