BASIC Countries at COP26 highlights climate financing crucial for enhanced mitigation and adaptation ambition for Net Zero Pledges

Taking the floor on behalf of BASIC (Brazil, South Africa, India and China), India delivered the BASIC group statement at the joint stock take plenary at COP26 underway at Glasgow.

pragya

Praggya Guptaa | November 9, 2021 | 09.11.2021


#BASIC (Brazil   #South Africa   #India and China)   #COP26   #climate financing  


 (Source: PIB)

India takes the floor on behalf of BASIC, comprising of Brazil, South Africa, India and China. We align ourselves with the Statement made by Guinea on behalf of G77 and China. The BASIC nations thank you and the secretariat for convening this stocktake and the work done so far. We convey assurances of our constructive support for the remaining part of the work in this coming week.

While delivering the statement, Richa Sharma, Lead Negotiator(India) and Additional Secretary, Ministry of Environment, Forest and Climate Change said that BASIC countries support strong , credible domestic mitigation actions by developed country parties without undue reliance on cheap offsets to maintain their high carbon , unsustainable lifestyles and towards this end, the grouping supports markets that are credible and have high environmental integrity and strong non market approaches as well.

Sharma highlighted that cover decisions of COP26 should remain within the confines of the UNFCCC and the Paris Agreement and be fully consistent with its guiding principles of equity and Common But Differentiated Responsibilities and Respective Capabilities(CBDR-RC) and stated that the planet will benefit from strong implementation of the Paris Agreement , particularly in this critical decade .We want to flag a continuing challenge that requires your attention. Access to the venue remains challenging, and we feel that the SEC is the least accessible COP venues in recent memory. 

Nations have responded to the ambition gap in mitigation with enhanced NDCs and net zero targets . Pledges and renewed commitments are on the table. We would not like to see the enhanced mitigation ambition meet the same fate as the pre 2020 climate finance ambition . It has been over a decade since the annual USD 100 billion pledge , and the world is still waiting for its mobilization and delivery . Trust in multilateralism and credibility of the process is at stake. Post 2020 mitigation ambition and net zero pledges require significantly enhanced climate finance. The exact magnitude of the new finance goal can be determined through a structured process, with clear timelines and milestones so that we have a new finance goal well before 2025. It is a simple ask from many developing country parties. Yet, what we are getting is more workshops and in session seminars to discuss the new goal. BASIC would like to warn that lack of a serious approach to climate finance will jeopardize the enhanced mitigation and adaptation ambition as well as net zero pledges of parties. In the interest of transparency and enhanced understanding, we also call for a mandate to SCF to work towards multilaterally agreed, operational definition of climate finance . BASIC nations would also like to stress that the responsibility for climate finance , as mentioned in the convention and PA, should be respected. The CF responsibility remains that of developed countries, towards developing countries.

Comments

 

Other News

Free food grains for 81.35 cr beneficiaries for five years

The central government will provide free food grains to about 81.35 crore beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for a period of five years with effect from January 1, 2024, the cabinet decided on Wednesday. Terming it as a “historic decision”, a

“I wrote ‘Survival at Stake’ to provide food for thought about solutions”

Survival at Stake: How Our Treatment of Animals Is Key to Human Existence By Poorva Joshipura HarperCollins, 328 pages, Rs 499 With science now recognising animal consciousness, intelligence, emotion, and even morality, there must rise an awareness of

‘Bon Voyage’ through the Arctic: Exploring new horizons for India

India`s tryst with trade through the Arctic regions, including the Northern Sea Routes (NSR), has become an impact-making endeavor recently. The Arctic of yore is now a pivot – point of geopolitics, of climate change discussions, and for economic opportunities; 40% of oil and gas reserves said to be

Demystifying Contemporary Finance Theory and other lessons in investment

Investing Decoded: Simple Path To Building A Portfolio In Millions By Anirudh Rathore Penguin India, 320 pages, Rs 499

Deepfake: India to prepare four-point action plan

Deepfake has emerged as a serious threat to democracy and social institutions across the world. Propagation of deepfake content via social media platforms has aggravated this challenge. Ministry of Electronics and Information Technology (MeitY) has, from time to time, advised social media in

Mumbai traffic: Let’s use some simple math

Two level of roads not enough, BMC to have triple traffic jams through underground junctions There is no shortage of short-sighted traffic experts who believe that creating more vertical space (either above or below the level) in already overcrowded and congested cities will be cou

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter