https://sputniknews.in/20230908/developed-nations-pledge-100-bln-for-climate-financing-indias-g-20-coordinator-4133484.html
Developed Nations Pledge $100 Bln For Climate Financing: India's G-20 coordinator
Developed Nations Pledge $100 Bln For Climate Financing: India's G-20 coordinator
Sputnik India
Developed or rich nations have committed $100 billion in climate financing to aid developing countries in their fight against climate change, a top government official connected with India's G20 presidency has said.
2023-09-08T20:38+0530
2023-09-08T20:38+0530
2023-09-08T20:42+0530
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The developed or rich nations have agreed to provide $100 billion in climate financing annually to help the developing countries in their fight against climate change. This commitment will be reflected in the joint declaration of the G-20 leaders, according to a top government official associated with India's G-20 presidency.A report commissioned by India's G-20 presidency on Multilateral Development Banks (MDB) Climate Finance Reforms estimates that an additional $3 trillion per year is required to support climate action by 2030.Additional Funds Needed to Accomplish Sustainable Development Goals (SDGs)The report also states that at least $1.8 trillion of this amount is needed to fund sustainable infrastructure, while the rest should be spent on other Sustainable Development Goals (SDGs), including health and education.India believes that the "international development finance system should be designed to support this spending by providing $500 billion in additional annual official external financing by 2030".Moreover, New Delhi has suggested that as part of the $500 billion package, one-third should be in the form of "concessional funds and non-debt-creating financing", while the remaining two-thirds should be covered by "non-concessional official lending".India also demanded that an equivalent amount should be mobilised from the private sector, thus taking the total package of MDB funds to $1 trillion.In an exclusive interview with Sputnik India, Harsh Vardhan Shringla, who serves as the Chief Coordinator of India's G-20 presidency, said that New Delhi's efforts would accelerate the process of SDGs.Shringla also discussed other issues that India took up vigorously during its leadership of the powerful economic bloc.Sputnik India: What practical steps has India taken to ensure food and fertiliser security during its ongoing G-20 presidency?Harsh Vardhan Shringla: These are very important issues and if you have seen the priorities that India has identified under its presidency, they include growth, fulfillment of the SDGs, support for the global South through technology like digital public infrastructure, and addressing environmental issues.These have been our main priorities and within this framework, there is also food security. After all, we have agreed on a new definition of food security 2023.There is also an emphasis that the G-20 countries will promote research on millets and ancient grains. So, all of this is an effort to address the issue of food security and energy security.We have also taken several other important initiatives in terms of how we can encourage the circular economy, how the blue economy should function, and how we can be energy efficient. All of this will play out, as you will see during the summit.Sputnik India: There is a yawning gap in terms of SDG financing. So what practical initiatives can we expect from, you know, India's G20 presidency on addressing the Multilateral development banks' climate finance reforms?Harsh Vardhan Shringla: On the SDG process, I have seen at the foreign ministers' meeting that there was an agreement that there would be a seven-year SDG plan that would accelerate the process of achieving the SDGs. And at the same time, you mentioned funding and there is an agreement that there would be $100 billion funding per year from the developed countries in terms of climate financing.Of course, lengthening multilateral development banks is our priority and this also will play out.
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The developed or rich nations have agreed to provide $100 billion in climate financing annually to help the developing countries in their fight against climate change. This commitment will be reflected in the joint declaration of the G-20 leaders, according to a top government official associated with India's G-20 presidency.
A report commissioned by India's G-20 presidency on Multilateral Development Banks (MDB) Climate Finance Reforms estimates that an additional $3 trillion per year is required to support climate action by 2030.
Additional Funds Needed to Accomplish Sustainable Development Goals (SDGs)
The report also states that at least $1.8 trillion of this amount is needed to fund sustainable infrastructure, while the rest should be spent on other
Sustainable Development Goals (SDGs), including health and education.
India believes that the "international development finance system should be designed to support this spending by providing $500 billion in additional
annual official external financing by 2030".
Moreover, New Delhi has suggested that as part of the $500 billion package, one-third should be in the form of "concessional funds and non-debt-creating financing", while the remaining two-thirds should be covered by "non-concessional official lending".
India also demanded that an equivalent amount should be mobilised from the private sector, thus taking the total package of MDB funds to $1 trillion.
In an exclusive interview with Sputnik India, Harsh Vardhan Shringla, who serves as the Chief Coordinator of India's G-20 presidency, said that New Delhi's efforts would accelerate the process of SDGs.
Shringla also discussed other issues that India took up vigorously during its leadership of the powerful economic bloc.
Sputnik India: What practical steps has India taken to ensure food and fertiliser security during its ongoing G-20 presidency?
Harsh Vardhan Shringla: These are very important issues and if you have seen the priorities that India has identified under its presidency, they include growth, fulfillment of the SDGs, support for the global South through technology like digital public infrastructure, and addressing environmental issues.
These have been our main priorities and within this framework, there is also food security. After all, we have agreed on a new
definition of food security 2023.
There is also an emphasis that the G-20 countries will promote research on millets and ancient grains. So, all of this is an effort to address the issue of food security and energy security.
We have also taken several other important initiatives in terms of how we can encourage the circular economy, how the blue economy should function, and how we can be energy efficient. All of this will play out, as you will see during the summit.
Sputnik India: There is a yawning gap in terms of SDG financing. So what practical initiatives can we expect from, you know, India's G20 presidency on addressing the Multilateral development banks' climate finance reforms?
Harsh Vardhan Shringla: On the SDG process, I have seen at the foreign ministers' meeting that there was an agreement that there would be a seven-year SDG plan that would accelerate the process of achieving the SDGs. And at the same time, you mentioned funding and there is an agreement that there would be $100 billion funding per year from the developed countries in terms of climate financing.
Of course, lengthening
multilateral development banks is our priority and this also will play out.
