PM Modi Emphasizes Role of Climate Finance, Technology at COP28

Prime Minister Narendra Modi highlighted the significant impact of climate change on countries in the Global South and emphasized the crucial role of climate finance and technology to fulfill their aspirations. Speaking at the COP28 Presidency’s session on Transforming Climate Finance, PM Modi underscored the commitment of Global South nations, including India, to climate action despite their smaller contribution to climate change.

PM Modi acknowledged the immense impact of climate change on countries in the Global South, stating, “We all know that countries in the Global South, including India, have had less of a role to play in climate change. But the impact of climate change on them is immense. Despite a lack of resources, these countries are committed to climate action.”

To meet the aspirations of the Global South, PM Modi stressed the essential role of climate finance and technology. “In order to fulfill the aspirations of the Global South, climate finance and technology are essential. It is the expectation of countries in the Global South that to combat climate change, the developed countries help them as much as possible. This is natural and justified,” he asserted.

Highlighting India’s commitment to sustainable development and climate change, PM Modi mentioned that during its G20 Presidency, India prioritized these issues. “India has given utmost priority to sustainable development and climate change. We made ‘One Earth, One Family, One Future’ the foundation of our G20 presidency and were successful in getting consent on several issues with collective efforts,” he added.

PM Modi welcomed the decision to operationalize the Loss and Damage Fund, adopted during the opening plenary of COP28. The fund involves rich nations paying a damage cost to developing nations vulnerable to climate change. India has expressed strong support for this decision.

During the opening ceremony of the High-level segment at COP28, PM Modi asserted that India is on course to meet its Intended Nationally Determined Contribution (NDC) and proposed hosting COP33 in 2028. Despite being home to 17 percent of the world’s population, India’s contribution to global carbon emissions is less than 4 percent, showcasing the country’s commitment to environmental balance.

COP28, held under the Presidency of the UAE in Dubai from November 28 to December 12, provides a platform for global leaders to collaborate on combating climate change. PM Modi’s participation marks his third appearance at the World Climate Action Summit after visits to Paris in 2015 and Glasgow in 2021.