Climate goals: Global South needs finance, tech, says PM

“Everyone knows that countries of the Global South, including India, have contributed very little in causing climate change. Yet, the adverse impacts of climate change affect them the most. Despite lack of adequate resources, these countries have committed themselves to take climate action. But to fulfil their objectives, Global South needs climate finance and technology,” Modi said at a session on Transforming Climate Finance.

“It is the expectation of the Global South that developed countries help them in the fight against climate change. This is natural, and justifiable too,” he said.

“The G20 meeting had agreed that 2030 climate action requires trillions of dollars in climate finance. This climate finance has not only to be made available, but it must also be accessible and affordable (to the countries of Global South),” he said.

At another session, Modi echoed the common talking point of the developing countries that the developed world had not been doing enough to fight climate change. He said as a result people in developing countries were suffering the most.

“A small group of human society has indulged in indiscriminate exploitation of natural resources. And the penalty is being paid by the entire human race, but most acutely by people in the Global South. Countries need to rise above their narrow self-interests, and fulfil their climate obligations,” he said.

Modi also stressed that developing countries must get to utilise an appropriate share in the fast-depleting carbon budget, a reference to the amount of greenhouse gas emissions that science says can be allowed without breaching the 1.5 degree Celsius temperature target.

Modi also welcomed the operationalisation of the loss and damage fund on the opening day of COP28 Thursday. “First of all, I hope that COP28 would show real progress on the New Collective Quantified Goal (a new target in the place of US$ 100 billion per year from 2025 onwards) on Climate Finance. Second, Green Climate Fund and Adaptation Fund must not be starved of money, and they should also be replenished immediately. Third, the Multilateral Development Banks should assure that they would provide affordable finance, not just for development projects, but also for climate action. And fourth, I hope that developed countries would diminish their carbon footprint by 2050,” Modi said.