COP 28 summit: PM Modi underlines the need for climate finance and technology to empower developing countries
Prime Minister Modi said India welcomes the decision to operationalize the Loss and Damages Fund, which was adopted at the opening plenary of the COP28 summit in Dubai yesterday. The Loss and Damage Fund is a package in which rich countries pay the damage costs to developing countries, which are more vulnerable to climate change.
COP 28 summit: Speaking on Friday, Prime Minister Narendra Modi highlighted the crucial role of climate finance and technology in helping countries in the Global South achieve their goals. He noted that although these countries contribute less to climate change, they still bear the brunt of its consequences.
“We all know that countries in the South, including India, have played a lesser role in climate change. But the impact of climate change on them is enormous. Despite a lack of resources, these countries are committed to climate action,” the Prime Minister said today during the COP28 Presidency session on transforming climate finance.
“To achieve the ambitions of the South, climate finance and technology are essential,” he said.
“It is the expectation of countries in the South that developed countries will help them as much as possible to combat climate change. This is natural and justified,” PM Modi added.
In his speech, Prime Minister Modi also highlighted that India also gave top priority to sustainable development and climate change during its G20 chairmanship.
“India has given top priority to sustainable development and climate change. We have made ‘One Earth, One Family, One Future’ the bedrock of our G20 Presidency and we have managed to reach consensus on various issues through collective efforts,” Prime Minister Modi said.
Prime Minister Modi said India welcomes the decision to operationalize the Loss and Damages Fund, which was adopted at the opening plenary of the COP28 summit in Dubai yesterday. The Loss and Damage Fund is a package in which rich countries pay the damage costs to developing countries, which are more vulnerable to climate change.
Minister for Environment, Forest and Climate Change Bhupender Yadav said on Thursday that India strongly supports the decision to make the Loss and Damage Fund operational. At the opening plenary of COP28, a decision was adopted to make the Loss and Damage Fund operational.
“A positive signal of momentum from COP28 in UAE on the first day itself,” the Union Environment Minister said. Earlier today, Prime Minister Modi said at the opening ceremony of the high-level segment at the Conference of Parties (COP28) summit that India is one of the few countries on track to comply with the Intended Nationally Determined Contribution (NDC) as part of efforts to combat climate change and proposed that the country host COP33 in 2028.
“India is committed to the UN climate change framework. Therefore, I propose to organize the COP33 summit in India from this stage in 2028,” the Prime Minister said in his remarks. He said India has given the world an excellent example of balancing ecology and economy.
“Despite India being home to 17 percent of the world’s population, its contribution to global carbon emissions is less than 4 percent. India is one of the few economies in the world that is on track to achieve the NDC targets,” he said.
COP28 will be held from November 28 to December 12 under the chairmanship of the UAE in Dubai.
The World Climate Action Summit is the high-level component of the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC). This is Prime Minister Modi’s third appearance at the World Climate Action Summit after his visits to Paris in 2015 and Glasgow in 2021.
(With input from agencies)