India warns lack of serious approach to climate finance will jeopardise net zero pledges of parties

India, speaking on behalf of the BASIC group, on Monday warned that lack of a serious approach to climate finance will jeopardise the enhanced mitigation and adaptation ambition as well as net zero pledges of parties.

India last week said that climate finance cannot continue at the levels decided in 2009 and emphasised that it expects climate finance of USD one trillion “at the earliest” in view of new commitments.

Richa Sharma, Lead Negotiator (India) and Additional Secretary, Ministry of Environment, while delivering the BASIC (Brazil, South Africa, India and China) group statement at the joint stock take plenary at the 26th international climate conference here, said that clear timelines and milestones were required to determine the exact magnitude of the new finance goal.

“Post 2020 mitigation ambition and net zero pledges require significantly enhanced climate finance.