COP28: India Says Need To Establish Climate Finance Definition For Trust

India on Friday emphasised the need for countries to establish a clear definition of climate finance, saying the lack of clarity affects transparency and trust.

At a high-level ministerial meeting on climate finance during the annual UN climate talks in Dubai, Environment Minister Bhupender Yadav said, "I strongly believe this is the most crucial outcome we should all strive for." Yadav said that defining climate finance clearly is essential for creating trust and transparency among nations.

He said that current estimates from the Organisation for Economic Co-operation and Development (OECD) and Oxfam reports (a transnational NGO) vary significantly and create uncertainty about the actual amount of climate finance provided.

OECD estimated about USD 83 billion provided by developed countries in 2020, while Oxfam's Climate Finance Shadow Report suggests an amount ranging between USD 21 to 24.5 billion, he said.

Mr Yadav said a clear definition of climate finance should ensure it is climate-specific, additional, grant-based, and provided under highly concessional terms.

He expressed concern over the "paltry resource flow" from rich nations to developing countries and said it needs to be scaled up "several times over".

The minister said that not just financial support but also access to crucial technologies like offshore wind and battery storage is essential for developing countries to fulfil their commitments under the United Nations Framework Convention on Climate Change and the Paris Agreement.

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