The four BASIC nations — India, China, Brazil and South Africa — have voiced their concern at the lack of clarity on how developed countries will deliver the promised USD 100 billion every year from 2020 to help poor nations deal with adverse impacts of climate change.
At a meeting in New York, held on June 27-28, the bloc of four large newly industrialised economies urged the developed nations to honour their obligation to provide “new, additional and predictable financial support” to developing countries in a “measurable, reportable and verifiable manner”.
- Developing nations have become 'main engine' of growth: Xi
- China to provide USD 76 million for BRICS economic initiative
- Fulfil old targets first, India tells developed nations
- Paris Agreement: No big losers at COP21, here’s how everyone won something
- Paris climate talks-Money: what the fight needs, what it is about
- Don't blame us for carbon emissions: India
The assurance for mobilising USD 100 billion “new and additional” money every year from 2020 for developing countries was made at the Copenhagen climate conference in 2009 by the then US Secretary of State Hillary Clinton. France, the host for this year’s climate conference, is keen to ensure that this assurance becomes a part of the agreement in Paris.
“Developed countries must provide new, additional, predictable, adequate and sustained public support…The agreement must establish a clear link between the actions by developing countries to contribute to effectively addressing the climate change challenge,” a joint statement from the BASIC countries said.
The BASIC countries also reiterated that public financial sources should be the “mainstay” of climate finance.
The BASIC countries also stressed that an agreement in Paris must “fully reflect differentiated responsibilities and distinct development stages of developed and developing countries,” while looking at the efforts to cut down emissions of greenhouse gases.