Sunday, November 27, 2022

FM Sitharaman urges developed economies to increase commitments to support climate change

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Finance Minister Nirmala Sitharaman on Friday called on developed economies to balance their commitments to support climate change and help developing countries build more resilient infrastructure.

She said India had announced the National Infrastructure Pipeline (NIP) with nearly 7,000 projects and the government had adopted a plan to revitalize the economy by building infrastructure.
Sitharaman said the government was also looking at various ways to fund infrastructure, including the infrastructure debt system or national funding bank, which would be adopted by Parliament soon.

Speaking at the International Disaster Management Conference (ICDRI), the finance minister said natural disasters remind everyone of the dangers facing infrastructure and the vulnerability of countries due to climate change.
“I … urge the advanced economies that the commitment to finance climate change, transfer technology, which is critical to achieving climate-related commitments and objectives, must be intensified, accelerated and enhanced.

“The financial needs of the climate are central to everything we do in building resilient infrastructure,” Sitharaman said.
He also pointed out that multinational institutions have played a very important role in supporting climate change and developed countries have a responsibility under the UN Framework Convention on Climate Change (UNFCCC) to provide funding to developing countries.

“Developed countries need to understand that the commitments made under the auspices of the UNFCCC must be respected.
“The commitment of USD 100 billion a year is something that the major economies will need to realize and that amount itself … is a small amount and should be made bigger,” Sitharaman said, adding that even that commitment was not made. completed.

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