‘Global South’s Priorities Should Not Be Compromised’: PM Modi Bats For Scaling Up Climate Fina

Prime Minister Narendra Modi has advocated for climate financing for poor countries aimed at global cooperation as 200 nations meet at the United Nations COP28 Climate Summit to take action in the wake of climate change. The Prime Minister called for ensuring that the development priorities of the Global South are not compromised. In an interview with a UAE newspaper Al-Ittihad, he said 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. We must ensure that development priorities of the Global South are not compromised…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,” the Prime Minister told the newspaper.

He said, “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. 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 further said, as quoted by news agency ANI.

“India is optimistic that the UAE-hosted COP28 will inject fresh momentum into effective climate action. 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,” the Prime Minister added.

“At COP28, we hope to have credible progress on the New Collective Quantified Goal (NCQG) on Climate Finance… We are particularly happy that UAE is hosting COP28, and I congratulate the Government and people of the UAE on this special occasion…Our two nations have been actively collaborating on addressing the pressing global challenge of climate change,” he further said.

Prime Minister Narendra Modi, in an interview with UAE newspaper Al-Ittihad, says, “At COP28, we hope to have credible progress on the New Collective Quantified Goal (NCQG) on Climate Finance… We are particularly happy that UAE is hosting COP28, and I congratulate the Government…

— ANI (@ANI) December 1, 2023

The remark came after diplomats of member countries reached a landmark agreement by launching a long-awaited fund to help the poor countries battling the aftermaths of climate disasters, on the first day of the COP28 Summit. Conference President Sultan Ahmed al-Jaber began the meeting by bringing up the decision to the floor followed by the immediate announcement of contributions by several countries. 

The decision sent a “positive signal of momentum to the world and to our work here in Dubai,” the COP28 President was quoted as saying by Reuters. 

According to an official UN statement, the fund has been a long-standing demand of developing nations on the frontlines of climate change coping with the cost of the devastation caused by ever-increasing extreme weather events such as drought, floods, and rising seas.

#COP28 is off to a great start!

Day one concluded with a historic agreement to operationalize the loss and damage fund and funding arrangements.

Tomorrow COP28 welcomes leaders from around the world.

Stay tuned! pic.twitter.com/YnAwe7yChl

— UN Climate Change (@UNFCCC) November 30, 2023

Talking about the India-UAE partnership, PM Modi said that the two nations stand as partners in shaping a greener and more prosperous future. “…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,” he said.

The COP28 host United Arab Emirates (UAE) pledged $100m for the fund while at least $51 million was assured by Britain. $17.5 million was promised from the United States, and $10 million from Japan, reported Reuters. Later, the European Union pledged $245.39 million, which included $100 million pledged by Germany. 

COP28 will witness a number of meetings and will conclude on Dec 12.