At COP29, India to focus on quantifying financial requirements for Global South: Minister at RE-Invest

Gandhinagar: On the final day of RE-Invest 2024 Union Minister for Environment, Forest and Climate Change, Bhupender Yadav addressed the Plenary Session on India's Pathway to Net-Zero Emissions. Speaking at the session he said that the focus of COP29 is clear and India is working on empowering global south. "India is working on international cooperation to empower the global south and assessment of financial requirements with new quantifiable goals being the focus areas at COP29", he said.

"As we march towards Net Zero in emission, the Modi govt is ensuring we also have a Net Zero in development gaps both within the country and between the Global North and Global South", the minister added.

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The environment minister said that for capacity building, climate finance must be defined accordingly. The energy ministry (MNRE) has put forth the idea of a carbon market and initiated the Green Climate fund to build capacity. He further said that the economic viability of capacity building and technology transfer holds the key to developing renewable energy markets.

Yadav highlighted that India has made significant progress in reducing carbon emissions, despite facing challenges such as its diverse geography. "India represents 17% of the world's population but only accounts for 5% of global emissions. In comparison, 17% of the population in developed countries contributes to 60% of emissions", he said. India’s per capita consumption remains low and the energy needs of developing countries must be considered. India has made significant progress in reducing carbon emissions, despite facing challenges such as its diverse geography, he further said.

The minister also said that in order to ensure sustainability, a proper technological and management system has to be created for the world through policy, technological intervention and capacity building. "Countries should develop action plans that prioritize equity, ensuring that health, justice, and prosperity are available to everyone. This approach will promote social equity and facilitate inclusive, sustainable economic growth while safeguarding natural resources for future generations", he further added.

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