Low climate finance from developed nations: Economic Survey

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New Delhi, July 4 (IANS) Although the United Nations Framework Convention on Climate Change (UNFCCC) mandates developed nations to provide financial resources to take actions on climate issues, the actual amount of flows is far from these claims, said the Economic Survey 2018-19.

The provision of financial support to developing countries is an important pillar of climate change response, said the survey presented in Parliament by Union Finance Minister Nirmala Sitharaman.

The Paris Agreement also emphasises the role of climate finance in strengthening the global response to climate change.

The UNFCCC mandates that industrialised countries “provide financial resources, including for the transfer of technology, needed by the developing countries to take climate actions”.

“Though the international community witnessed various claims by developed countries about climate finance flows, the actual amount of flows is far from these claims,” the survey said.

In fact, without sufficient climate finance, the proposed Nationally Determined Contributions (NDCs) would not fructify, it added.

“Yet there are calls for enhanced climate action by developing countries. However, the means to achieve the climate goals is not commensurate to the urgency shown, nor do we witness the seriousness required in the discourse on climate finance.

“Global action on climate change is contingent on the delivery of timely and adequate finance. The scope, scale and speed of climate finance required to take climate actions effectively are lacking in the debate on climate actions,” the survey said.

–IANS

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