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

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.

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.

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