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Finance ministry sets up unit to work out financing climate change

The finance ministry has set up a unit dealing with the issue of financing climate change under the department of economic affairs.

Written by ENS Economic Bureau | New Delhi |
July 25, 2012 12:49:47 am

The finance ministry has set up a unit dealing with the issue of financing climate change under the department of economic affairs.

The unit,to be headed by chief economic adviser Kaushik Basu,would work as the nodal agency in the finance ministry on all matters relating to climate change.

Basu said the unit would help “bring stronger analytical thinking on a subject of growing importance”.

The nature of the issues the unit would potentially deal with,were highlighted by two working papers released by the ministry.

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“Current government expenditure on adaptation to climate variability exceeds 2.6 per cent of the GDP,with agriculture,water resources,health and sanitation,forests,coastal zone infrastructure and extreme events,being specific areas of concern,” a finance ministry working paper titled Designing the Green Climate Fund said.

The paper added that even as India has taken a number of steps in this direction,the domestic momentum to deal with climate change also “critically depends on multilateral negotiations” taking place and actual disbursement of fast start and long-term finance promised during the Cancun meeting,it further said.

A second paper released by the ministry titled International Taxes to Finance International “Green” Climate Fund criticised the European Union for levying carbon tax on airlines. It also emphasised that these nations have yet to fulfil their financial commitments to the developing nations to deal with climate change.

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