India, Africa call for $1.3 tn/year in climate finance from rich countries

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Recently Africa and India have sought $1.3 trillion per annum as climate finance from rich countries.

A group of 24 countries called Like-Minded Developing Countries (LMDCs) have called for increased flow of finance (minimum of $1.3 trillion per year by 2030). It should be provided by developed countries.

India is part of the LMDCs group along with China, Indonesia, Malaysia, Iran, Bangladesh and other developing countries

Other Key Proposals

  • At least half of this amount should be earmarked for customization needs. Also, the amount should not be less than $100 billion in grants.
  • Climate finance should be clearly defined so that it does not mix with other types of existing financial flows.

About climate finance:

  • It refers to local, national or international financing. This funding provides support to mitigation and adaptation actions. These actions will address climate change.
  • The United Nations Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol and the Paris Agreement call for financial assistance from rich countries to less prosperous and more vulnerable countries.
  • Based on the principle of ‘shared but differentiated responsibility’, developed countries had agreed in 2010 to raise US$ 100 billion per year by the year 2020. This has to be maintained till the year 2025.
  • However, they are yet to raise funds with concerns over methodological approach and transparency.

Source- The Hindu

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