New Delhi: Union Environment Minister Bhupender Yadav on Wednesday said though the Glasgow Financial Alliance for Net Zero estimates a requirement of USD 100 trillion for transition to a net-zero global economy by 2050, developed countries have failed even in mobilising USD 100 billion per annum by 2020.
Launched in April 2021 by UN Special Envoy on Climate Action and Finance Mark Carney and the COP26 presidency, the Glasgow Financial Alliance for Net Zero (GFANZ) is a global coalition of leading financial institutions coordinating efforts to accelerate the transition to a net-zero global economy.
Participating in a ministerial roundtable at the World Green Economy Summit in Dubai, Yadav said: “The Glasgow Financial Alliance for Net Zero estimates a requirement of USD 100 trillion of finance for global net zero by 2050. But, developed countries have failed even in mobilizing the amount of USD 100 billion per annum by 2020. India’s NDCs (nationally determined contributions) are thus largely financed by domestic investment.”
At the 15th Conference of Parties (COP15) of the United Nations Framework Convention on Climate Change (UNFCCC) held in Copenhagen in 2009, developed countries committed to jointly mobilize USD 100 billion per year by 2020 to help developing countries tackle the effects of climate change.
Yadav stressed the importance of addressing environmental and climate objectives alongside economic development and said that accelerating low-carbon transition across different economic sectors is the need of the hour.
The minister outlined achievements under various policies as well as partnerships steered by India under the leadership of Prime Minister Narendra Modi, a statement said.
He mentioned global initiatives like International Solar Alliance and other initiatives for strengthening the green economy across key sectors like energy, industry, transportation, agriculture, and forestry.
Yadav said that India is the first country with a cooling action plan based on energy efficiency and thermal comfort, and has launched important initiatives including UJALA Yojana and schemes for industrial energy efficiency.
