Saturday, July 24, 2021

Need new funds for climate action: India

New Delhi, February 13: India has demanded “new and additional” climate-specific financial resources to be made available in a predictable manner, in its second biennial update report (BUR) to the United Nations Framework Convention on Climate Change (UNFCCC). The report, submitted to UNFCCC in December, was released by the environment ministry on Tuesday.
The report, which contains India’s greenhouse gas inventory and details of how climate change is affecting the country, states that the energy sector accounted for 73% of India’s total emissions in 2014, estimated at 2,607.5 million tones.
Within the energy sector, electricity production was the highest contributor, accounting for 42% of emissions from all sectors. Manufacturing industries and construction together emitted 18.4% of total emissions from the energy sector.
Although emissions increased from 2,136.8 million tonnes of CO2 equivalent in 2010, India stated that it was on track to achieving its commitments to the UNFCCC. India needs more money to limit the temperature rise to 1.5 degree Celsius over pre-industrial levels, the report said.
“India as a responsible nation is mobilising and stretching its domestic financial resource base to meet the developmental imperatives of its population, in a sustainable manner. India is on track to meet its Copenhagen commitment of reduction in emissions intensity of GDP by 20-25% by 2020 with reference to 2005 level… to meet the growing global challenge and to limit the temperature rise to 1.5 degree Celsius by 2030, new and additional financial and technological support is required from the developed country Parties,” the report said.
“To meet its Paris commitments and implement NDCs, India requires new and additional financial, technological and capacity support, which is not forthcoming.” NDC is an acronym for nationally determined contribution.
The report gives an account of how much climate finance it has received so far.
For example, between July 2014 and June 2018, India received an indicative allocation of $87.87 million from Global Environment Facility (GEF), an entity entrusted with the financial mechanism of the UNFCC, of which only $59.08 million has been approved. For the period from July 2018 to June 2022, India’s indicative allocation has been reduced by almost 50% or $40.63 million.
“The financial pledges made by the developed countries during the yearlong replenishment process of GEF cycle are increasingly not being fulfilled,” the report added.
India would need around $206 billion (at 2014-15 prices) between 2015 and 2030 for implementing adaptation actions in agriculture, forestry, fisheries infrastructure, water resources, and ecosystems. Financial requirements for undertaking mitigation actions are even more. Official estimates indicate that the mitigation activities for moderate low carbon development would cost around $834 billion till 2030.
Altimeter data analysis of 1993-2012 reveals that the rate of sea level rise over the North Indian Ocean is comparable to global mean sea level rise trend (3.2 mm /yr), indicating vulnerability of coastal populations, as per the report.
“India is on track to achieve two of its three quantitative commitments under the Paris agreement. It may be unable to achieve the third target of creating 2.5 to
3 billion tonne carbon sinks. But the good news is at least our forest and crop land are acting as carbon sinks already. The economy is growing, so increase in greenhouse gas emissions is not surprising. More can be done in the forestry sector,” said NH Ravindranath, a climate scientist at the Indian Institute of Science. (Courtesy: HT)