Climate finance must reach nations that need it most, says UN Climate Chief

New Delhi, Climate finance is rising, but not fast enough, and it's vital that more funds reach countries that need it most and have done least to cause the crisis, a top official of the United Nations Framework Convention on Climate Change (UNFCCC) said on Tuesday.

Responding to a question on climate finance and technology transfer ahead of the UN Climate Change Conference (COP31), UNFCCC Executive Secretary Simon Stiell told PTI that developed countries must triple adaptation finance and deliver USD 300 billion a year by 2035.

Also read: How climate change is making wildfires more frequent


"Climate finance is still rising, but not fast enough and it's vital that more finance reach those countries that need it most and have done least to cause the crisis. All commitments must be honoured in full. Developed countries must triple adaptation finance and deliver USD 300 billion a year by 2035, as part of a clear pathway to USD 1.3 trillion a year," Stiell told PTI.

At the United Nations' mid-year climate meetings (formally called the 64th sessions of the Subsidiary Bodies under the UNFCCC) in Bonn, Germany, held in June, India had expressed concerns over declining levels of climate finance, including replenishment and support, and the growing adaptation finance gap.

Stiell said COP31 should send a clear signal that accelerating climate technology development and transfer is essential to achieving the goals of the Paris Agreement.

"Finalising arrangements with the new host of the Climate Technology Centre; and demonstrating the collective delivery of the Belem Technology Implementation Programme are key steps forward that will help," the UNFCCC official said.

Asked about his meeting with Minister of Environment, Forest and Climate Change Bhupender Yadav in Delhi on Monday, Stiell said international climate cooperation, global climate crisis, and benefits of climate action on citizens and economy were discussed.

"We spoke about India's deep commitment to international climate cooperation and leadership in addressing the global climate crisis, as well as the vast benefits of climate action for Indian people and economy, building on India's solar-super power status which is already driving economic growth, jobs and rising living standards," Stiell told PTI.

He said the Union minister also emphasised the importance of accelerated finance flows for transitions in global south countries, as well as the importance of technology and capacity building in equitable and fair energy transitions and resilience-building.

Lauding India's efforts towards climate action, he noted that clean energy investment is a recipe for stronger economic growth, more jobs, more business opportunities domestically and globally, and rising living standards for Indian people.

"These steps by one of the world's largest and fastest-growing economies are especially significant at a time when reliance on volatile fossil fuel imports is driving up costs around the world. The current fossil fuel cost crisis shows again that moving quickly to renewable energy is the only sustainable pathway to energy security and sovereignty," Stiell said.

He said India's existing investment in renewables saved the country USD 18 billion in fossil fuel purchases last year alone (according to public data).

He asserted that more India doubles down on building its renewable base, the greater the budget savings and benefits will be for its people, businesses, and economy.

"India is crucial to the world's climate fight, both through domestic efforts and through India's long record of engagement in UN-convened international climate cooperation, which has underpinned the global clean energy and clean tech boom, transforming global energy systems, even if not yet fast enough," Stiell said.

Highlighting renewables overtaking coal as the world's top electricity source last year, he said India's progress in ramping up renewable energy capacity and innovation is vital to that progress, and will be increasingly important going forward.

"Last year, over USD 2 trillion was invested in clean energy globally. Clean energy, infrastructure and services are the next industrial revolution, and India certainly has a competitive edge in sectors like manufacturing batteries and green steel, as well as emerging electro-tech innovations and e-mobility," the UN official said.

Stiell is on an official visit to India from July 20 to July 22, during which he is meeting senior government officials, UN representatives, private sector leaders and civil society to discuss India's clean energy transition, preparations for the COP31, and opportunities to accelerate implementation of the Paris Agreement, according to UN India.