Union minister for environment and climate change Bhupender Yadav has said developed nations have already used up more than their share of the “carbon space” and the remaining should be allowed to be used by developing countries as they go on a growth path.
As the debate rages climate change and its bill, the developing countries, also collectively to referred to as Global South as most of them are in the southern hemisphere, say they are being made to pay the price by the developed countries, which had a head start on industrialisation.
Speaking at the concluding session of the two-day CII Global Economic Policy Forum on December 12, Yadav highlighted India’s the holistic approach towards tackling the climate crisis and driving sustainable growth.
"Regional systematic concern of the Global South also needs to be addressed as the world today is on a growth path that cannot be paused. Global North's development journey has left very little carbon space for developing countries. It is important for all countries to have a lower carbon emission development pathway, but this can become a challenge for developing countries due to different focus areas and priorities," he said.
Yadav said for Global South's sustainable development journey, it is important for developed countries to fulfil their obligations and promises.
Developing countries have been demanding at least $1 trillion annually from developed countries for supporting conservation efforts.
The recent COP29 negotiations at Baku, Azerbaijan, left several developing and vulnerable countries disappointed even as a climate finance of $300 billion was finalised. This was thrice the previously agreed amount of $100 billion, which emanated out of COP15 in Copenhagen, Denmark in 2009.
Emphasising the urgent need to address the challenges of climate change, biodiversity loss and land degradation, Yadav underscored India's commitment to balancing environmental protection, economic resilience, and social equity.
The minister said India has adopted a comprehensive strategy, integrating climate considerations into all aspects of the economy. This includes increased spending on adaptation activities, the development of a climate finance taxonomy and the implementation of the National Action Plan on Climate Change, which focuses on enhancing adaptive strategies in areas such as solar, water, energy efficiency, forests, and sustainable agriculture.
As part of the National Adaptation Fund for Climate Change, projects worth more than Rs 847 crore have been sanctioned in 27 states and union territories, the minister said.
The fund, launched in 2015-16, supports concrete adaptation activities to mitigate effects of climate change such as rejuvenating irrigation tanks and restoring village ponds and training farmers.
Talking about circular economy, the minister said initiatives such as the Swachh Bharat Abhiyan and the Smart City Mission have showcased India's circular economy models at scale.
"India believes that voluntary actions are important for environment initiatives, and by offering green credit as a reward, we can incentivize citizens, communities, and industry to participate in environment-friendly activities," Yadav said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
