Finance Minister Nirmala Sitharaman Calls for Concrete Measures on Climate Funding and Technology Transfer at COP 28
Emphasizes India’s Achievements, Urges Action over Words at Global Climate Summit
In a virtual address at the inaugural event of India Global Forum Middle East and Africa 2023 (IGF ME&A), Finance Minister Nirmala Sitharaman underscored the need for tangible steps on climate funding and technology transfer at the upcoming 28th round of the annual UN climate talks. The summit, scheduled from November 3rd to December 12th in the UAE, is expected to witness intensive negotiations on critical issues such as compensation from affluent nations to developing ones for climate impacts, mitigation of fossil fuel usage, reduction of methane emissions, and financial aid for combating and adapting to climate change.
Sitharaman asserted that India would use the platform to showcase its achievements, having funded its Paris Agreement commitments with its own resources, without relying on the elusive hundred billion that often remains off the negotiating table. Emphasizing action over mere rhetoric, she urged COP 28 to set a clear direction for both the transfer of technology and actual funding.
“Words have been spoken for too long. Now is the time for concrete action on climate funding and technology transfer at the upcoming global climate summit,” said Sitharaman, emphasizing the urgency for progress in addressing climate challenges.
The Finance Minister stressed that COP 28 should serve as a beacon guiding countries towards meaningful solutions. Amid acknowledged challenges, she expressed confidence that the current geopolitical tensions in the Middle East would not impede the ambitious India-Middle East-Europe Corridor, announced during the G20 Summit in September.
Sitharaman’s call for concrete measures aligns with the global imperative to accelerate climate action, emphasizing the crucial role of financial support and technology transfer in ensuring sustainable development and combating the effects of climate change. As the international community gathers for COP 28, expectations are high for substantive progress in addressing the pressing issues outlined by the Finance Minister, as nations seek collaborative solutions to secure a sustainable and resilient future.