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G20 Under Pressure To Deliver $100 Billion P.A. Climate Finance

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Vishwa Mohan, Times of India

The G20 leaders summit in Turkey in mid-November will hold the key to the success of the Paris climate talks a fortnight later as the richer ones among these 20 big economies are then expected to clearly spell out the modalities to fulfill their promises on climate finance and technology transfer. 

Once the developed countries within the group resolve the contentious issues, it would be easier for the rest of the world to move on low-carbon growth path based on a global climate deal. 

Special envoy of the French president for the protection of the planet, Nicolas Hulot, on Monday dropped this hint while emphasizing how the next G20 summit would be important in the context of the upcoming climate conference (COP21) in Paris. 

“If developed countries have to honour their commitment, then it is important to clarify the modalities… All these issues will be discussed at G20 meeting…They will have to find out new source of financing (ahead of COP21),” said Hulot while addressing a business interactive session, organised here by the Federation of Indian Chambers of Commerce and Industry (FICCI), 

The G20 countries comprises of the world’s largest developed and emerging economies, responsible for 70% of the global greenhouse gas emission. The group together represents two-third of the world’s population, 85% of the global GDP and over 75% of the global trade. 

Its members include the US, Canada, UK, France, Germany, Australia, Japan, Argentina, Brazil, South Africa, Turkey, China, South Korea, Mexico, India and Saudi Arabia among others. Political leaders of G20 will meet for two days in Turkey on November 15-16 while the climate conference (COP21) will begin in Paris on November 30. 

Though majority of these G20 countries have already submitted their ‘climate action plan’, called Intended Nationally Determined Contribution (INDC) in climate talks jargon, India is expected to do the same by September. The country will flag the issue of climate finance and technology transfer in its plan while committing certain ‘conditional’ goals. 

Raising the issue of intellectual property right (IPR) of low carbon cutting edge technology during the FICCI meet, Susheel Kumar — additional secretary in the ministry of environment — said France, being the host country of the next climate conference, will have to take serious note of it and try to incorporate it in the final climate agreement as how the rich nations would end this barrier. 

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