Berlin ministerial: India for fast flow of fund to developing nations

NEW DELHI: India has taken a leadership role in exposing the industrialised countries on their failure to provide funds to the vulnerable developing countries under the fast start finance. While industrialised countries maintain that they pledged most of the promised $30 billion, nothing has been disbursed to Africa, less developed countries and small island states.

At the recently concluded Berlin ministerial, India drew attention to the "huge lack of clarity" on fast start finance and made an informal submission suggesting a reporting format that would ensure transparency and multilateral monitoring.

The proposed format is on the lines of the transparency requirements that industrialised countries set for developing countries on emission reduction.

At the Petersberg Dialogue, organised by Germany and South Africa, Environment Minister Jairam Ramesh said, "There is a huge lack of clarity on fast start finance... I am leaving aside the issue of whether the $28 billion is new and additional-that is a vexed issue in itself. But the fact that there has been no disbursement so far is extremely disappointing and is not designed to build confidence in the run up to Durban."

India and the other BASIC countries—China, South Africa, and Brazil—have consistently maintained that finance and the speedy disbursal of the $30billion fund, are keys to ensure trust between the developed and developing countries.

"The fact that there has been no disbursement so far is extremely disappointing and is not designed to build confidence in the run up to Durban. There must be some multilateral monitoring of fast start finance," Ramesh said.