India for early capitalisation of green climate fund

NEW DELHI: India will use the G-20 forum to demand the early capitalisation of the Green Climate Fund. The fund set up to help developing countries tackle climate change needs $10 billion to begin work, a downscaling from the initial $15 billion. So far, the Fund has managed to garner just $2.9 billion, a figure that falls far short of the intended target.

New Delhi has been at the forefront of keeping the pressure on the developed countries to meet their commitment to provide climate finance. India has made it clear that a robust global agreement in Paris next year is directly linked to the predictable availability of financing through the Green Climate Fund. So far, the Fund has failed to even touch the $5 billion mark. The GCF is convening a High-level Pledging Conference on 20 November in Berlin, the aim will be to ensure that the fund has $10 billion ahead of the Lima-round of negotiations.

The absence of funds to help developing countries address climate change is the an issue that would derail the possibility of successful engagement in Lima and an agreement in Paris. “Not meeting the $100 billion commitment could see a walkout by the small island states and the poorest countries. Climate finance is crucial for a successful agreement in Paris,” said Robert Stavins, professor at Harvard University and a co-ordinating lead author of Working Group III of IPCC’s Fifth Assessment Report.