COP27: India to co-lead ministerial consultations on climate finance | India News – Times of India

SHARM EL-SHEIKH: India along with Australia will co-lead ministerial consultations on key outstanding issues of climate finance here at UN climate talks (COP27). Both the countries will together coordinate with other countries and groups to find a definite points and commitments on the critical issue that may go to the final decision text of COP27.
The COP27 President on Monday announced setting up ministerial consultations on all key outstanding political issues, beginning Wednesday. While South Africa and Canada will look after the mitigation issue, Chile and Germany will jointly lead the consultation on ‘loss and damage’ which found place for the first time in the agenda of the COP.
The issue of adaptation will be taken care of by Maldives and Spain whereas carbon market issues will be dealt with during consultation by Singapore and Norway.
Meanwhile, the group of G77+China brought out a joint proposal on ‘loss and damage’ finance, proposing to establish a transitional committee to develop the objectives, principles and operational modalities of the fund by next year’s climate talks (COP28). India is part of the G77+China group.
The groups suggested that funds to assist vulnerable countries must be based on the principles of equity, and common but differentiated responsibilities & respective capabilities (CBDR-RC) — it means the contributors to the fund would mainly be the rich nations who are responsible for climate change due to their massive cumulative emissions.
In a related development on support to countries facing the worst effects of climate change, seven countries on Tuesday pledged new funding for the Least Developed Countries Fund (LDCF) and Special Climate Change Fund (SCCF). Several other countries backed the funds’ ambitious goals for meeting the most urgent adaptation needs.
Announcing a total of $105.6 million in new funding, Denmark, Finland, Germany, Ireland, Slovenia, Sweden, Switzerland, and the Walloon Region of Belgium, stressed the need for even more support for the Global Environment Facility funds targeting the immediate climate adaptation needs of low-lying and low-income states.
Additionally, countries including Belgium, Canada, France, and the United States, as well the European Commission, signaled political support for the two funds, and some expressed an intention to contribute further in the coming months.

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