World Organisations – Pacts and Summits
COP27: India insists on higher global climate finance target by 2024
- The 27th session of the Conference of the Parties of the UNFCCC (COP 27), with a view to building on previous successes and paving the way for future ambition to effectively tackle the global challenge of climate change is being held in Sharm El-Sheikh in Egypt.
- India has stressed at the ongoing UN climate summit COP27, developing countries require substantive enhancement in climate finance from the floor of $100 billion per year to meet their ambitious goals and rich countries need to lead the mobilisation of resources.
- At COP 27 the Mangrove Alliance for Climate (MAC) was launched with India as a partner.
- The Mangrove Alliance aims to facilitate India’s goal to increase its carbon sink.
- Under the Alliance, India will collaborate with Sri Lanka, Indonesia and other countries to preserve and restore the mangrove forests in the region.
Background
- At the COP 15 held in Copenhagen in 2009, developed countries had committed to jointly mobilise $100 billion a year by 2020 to help developing countries tackle the effects of climate change. However, rich countries failed to deliver the finance.
- Developing countries, including India, are pushing rich countries to agree to a new global climate finance target — also known as the new collective quantified goal on climate finance (NCQG).
