India has secured $1.16 billion for climate projects through the financial mechanism of the United Nations Framework Convention on Climate Change, the government informed Parliament on February 6.
This amount includes $803.9 million from the Green Climate Fund, $346.52 million from the Global Environment Facility (for climate change focal area) and $16.86 million from the Adaptation Fund, according to a written reply in the Rajya Sabha by Union Environment Minister Bhupender Yadav.
However, the majority of India's climate actions have been financed through domestic resources, he said. The minister added that India had been diligently working towards adaptation and resilience on a mission mode.
Restructuring Climate Goals
At the UN climate conference in Azerbaijan in 2024, developed countries were expected to deliver a promising financial package to support climate action in the developing world. However, they committed only $300 billion by 2035, which is a fraction of the $1.3 trillion amount needed annually from 2025.
India had called the sum "too little, too distant", "paltry" and "an optical illusion". It has been saying that the lack of adequate finance was not just an abdication of responsibility by the developed countries, but also a major setback to global climate action.
The Economic Survey presented last week shared similar sentiment and indicating the need for readjustment of climate targets by India.
“The funding shortfall may lead to a reworking of the climate targets. Considering that domestic resources will be the key to action, resources for meeting development challenges may be affected, undermining progress toward sustainable development objectives and compromising the integrity of international climate partnerships,” the Economic Survey said.
India has committed three goals for the 2030 period including reducing emissions intensity by 45% from 2005 levels, ensuring that at least 50% of its electricity generation depends on non-fossil fuel sources and enhancing forest and tree cover to absorb an additional 2.5 to 3 billion tonnes of carbon dioxide every year.
(With inputs from PTI.)
