COP26 President Alok Sharma recently visited India as part of his global tour ahead of the UN conference on climate change scheduled to be held in Glasgow later this year.
He reiterated the need for countries to pursue ambitious emission reduction targets, more ambitious net-zero goals and NDCs by 2030, and a discussion around finance to cope with the post-2025 financing of developing economies. He also outlined the need to deliver $100 billion a year to developing nations to gain their trust, adding ‘’we are pushing forward in putting together a delivery plan on finance, which is one of the conclusions that came out of the July ministerial meeting.”
Referring to India as ‘’one of the big economies’’, Mr. Sharma reiterated that a delivery plan on finance for developing nations is being readied. So far, India is carrying on its preset emissions reduction goals and plans to revise its strategy after a review in 2023. Mobilizing trillions of dollars, which will be required to create climate-resilient structures around the world, will require heavy investment from the private sector.