Voice of Global South Summit: G20 underlined importance of climate finance, says Bhupender Yadav

The New Delhi declaration of G20 countries released in September captured the importance of providing climate finance to developing countries, Union environment minister, Bhupender Yadav said at the Environment Minister’s Session during the second edition of Voice of Global South Summit on Friday.

“Developed countries were reminded of their commitment to jointly mobilise $ 100 billion per year from 2020 for developing countries and doubling their contribution for adaptation finance from 2019 levels by 2025; and we extended support for operationalising the fund for addressing Loss and Damage,” Yadav said.

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The pandemic, geopolitical tensions and climate change impacts have disproportionately impacted developing countries and in some cases even reversed their development gains in the past few years, Yadav said adding that there are unprecedented challenges facing the global South.

“During the first (such) summit in January this year over 400 countries participated. Bridging the digital divide, arresting environmental degradation, achieving sustainable development goals, and growth with ecological harmony were key issues. During the first mission we invited countries to join PM Modi’s Lifestyle for Environment mission,” he said.

“ India’s G20 Presidency also catalysed disaster risk reduction through institutionalisation of the disaster risk reduction working group particularly for least developed countries and small island developing states,” he added.

India has developed a compendium of best practices for dealing with land degradation especially in mining affected areas; launched the global bofuels alliance; and actively contributed towards fighting climate change despite contributing little to global warming historically and its current per capita emissions being one third the global average, Yadav said.

“India has made ambitious commitments and has led by ambitious domestic actions. We are among few economies well on our way to meet our nationally determined contributions. We have achieved 44% of non-fossil fuel electrical capacity this year. This target has been enhanced to 50% in our updated NDC,” he added.

India has launched the Green Credit Programmme to encourage voluntary efforts by individuals and private firms. While finance to undertake various activities is yet to be recieved from developed countries, India launched sovereign green bonds to enable the process of raising finance. India formulated the sovereign green bond framework and raised around $ billion this year, Yadav said.

HT reported on September 11 that the New Delhi Leaders’ Declaration captures the intent of the G20 countries, responsible for 80% of global greenhouse gas emissions, to meet Paris Agreement goals but doesn’t lay down very clearly as to how they would do it. One of the most important aspects of the declaration is that it underlines the principles of common but differentiated responsibilities (CBDR) in mitigation efforts and also of different national circumstances -- both of which are in sync with the position of the Global South.

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For the Global South, the new estimates of climate finance provided in the declaration will also be helpful in negotiating climate finance related matters at COP28 next month. The declaration notes the need for $5.8-5.9 trillion in the pre-2030 period for developing countries in particular for their needs to implement their nationally determined contributions, as well as $4 trillion per year for clean energy technologies by 2030 to reach net zero emissions by 2050.