COP-28: PM Modi voices concerns of Global South, said this about climate finance

Prime Minister Narendra Modi participated in the COP-28 Presidency’s Session on "Transforming Climate Finance” on 1 December 2023 in Dubai, UAE. The event focussed on making climate finance more available, accessible, and affordable to developing countries.

During the session, the leaders adopted the "UAE Declaration on a New Global Climate Finance Framework”.

During his address, Prime Minister voiced the concerns of the Global South and reiterated the urgency of making the means of implementation, particularly climate finance, available to the developing countries to achieve their climate ambitions and implement their NDCs.

Prime Minister welcomed the operationalisation of Loss and Damage Fund and establishment of the UAE Climate Investment Fund at COP-28.

PM proposed to organize COP event in India in 2028

PM Modi proposed to organize UN Climate Change Conference of Parties or COP event in India in the year 2028. He made this proposal during COP 28 being held in the United Arab Emirates.

He said, “India, during its G-20 presidency, has consistently given importance to the issue of climate with the spirit of One Earth, One Family, One Future. We agreed on a Green Development Pact for a sustainable future. We have also set out principles related to sustainable development lifestyles and have committed to triple the use of renewable energy globally.”

PM said this on climate finance commitments

PM Modi also said that “Together we have come to the conclusion that climate finance commitments need to be increased from billions to several trillions.”

PM said India is one of the few economies in the world that are on track to meet the NDC targets. Nationally Determined Contributions, or NDCs, are countries' self-defined national climate pledges under the Paris Agreement, detailing what they will do to help meet the global goal to pursue 1.5°C, adapt to climate impacts and ensure sufficient finance to support these efforts. .
 
PM said India has already achieved its emission intensity targets eleven years ago. He said India has also achieved non-fossil fuel targets nine years ahead of schedule. India aims to reduce emission intensity by 45 percent by 2030. We have decided to increase the share of non-fossil fuels to 50 percent. We will also continue to move towards the goal of net zero by 2070, PM Modi added.