Climate summit for enhanced action: a financial perspective from India
India warned developed countries that their reluctance to loosen purse strings to support climate change mitigation plans by developing countries may threaten the progress achieved, leading to an uncertain future. In a discussion paper released, the Finance Ministry while reviewing various issues relating to climate finance, said the countries have to roll out implementation of their promised nationally-determined contributions (NDCs) from January 1, 2021. As per the common but differentiated responsibilities agreed upon, developed countries were to provide adequate finance, technology and capacity building to facilitate the effective implementation of the climate change convention and the 2015 Paris Agreement. “However, the reality is that the implementation of NDCs of developing countries will apparently hit a roadblock in the face of an uncertain future in the provisioning of climate finance,” the Ministry said.