At the meeting of the Major Economies Forum currently underway in Paris, Environment Minister Prakash Javadekar has made it clear that a robust global agreement on climate change, scheduled to be finalized in Paris next year, is directly linked to the predictable availability of financing through the Green Climate Fund.
New Delhi has said that developed countries must commit substantial and dedicated funds for climate fund in time for United Nations Secretary General Ban Ki-moon’s climate summit in September for developing countries to move ahead on commitments to reduce carbon emissions.
Addressing the meeting of the 17 major economies, which account for the bulk of global emissions, Javadekar called for the quick capitalization of the Green Climate Fund by 2015. The minister said that countries have to agree on a roadmap to meet this deadline.
The minister made it clear to his counterparts in the Major Economies Forum that without clear and positive movement on finance by the industrialised countries the likelihood that many developing countries would submit their emission reduction proposals, known in climate change negotiations parlance as intended nationally determined contributions (INDC), was “very low”.
“The probability of many developing countries submitting their INDCs will be very low if the developed countries do not commit substantial amount of climate finance upfront before September 2014 to fund the requirements likely to be depicted in the INDCs and bring it to the notice of the Heads of State of the developing countries,” Javadekar told the gathering.
The Indian minister stressed that provision of “substantial” climate finance was “an essential prerequisite for eliciting carefully prepared information on INDCs from the developing countries.” Javadekar has effectively put the onus of an ambitious climate change agreement on industrialised countries. By showing the crucial link between availability of adequate and predictable funding and the ambitious efforts to reduce emissions, the minister has made it clear that the rich industrialised countries need to do their “fair share” and not simply demand that developing countries do more to tackle climate change.
New Delhi maintains that the Green Climate Fund must be capitalized at the earliest. “We are concerned that despite being launched in 2009-10, the Green Climate Fund still has empty coffers. The need of the hour is the quick capitalisation as climate actions cannot wait. The Initial Resource Mobilisation meeting in Oslo has hardly produced any result,” the minister told the Forum.