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PM Modi Stresses Climate Finance and Technology at COP28 for Global South's Ambitions

PM Modi Stresses Climate Finance and Technology at COP28 for Global South's Ambitions

 During the COP28 Presidency's session on Transforming Climate Finance, Prime Minister Narendra Modi emphasized the crucial role of climate finance and technology in realizing the aspirations of countries in the Global South, including India. Despite their limited contribution to climate change, these nations bear immense consequences, and PM Modi highlighted their unwavering commitment to climate action, despite resource constraints.

Addressing the gathering, PM Modi stated, "We all know that countries in the Global South, including India, have played a lesser role 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."

He expressed the expectation of Global South nations for robust support from developed countries to combat climate change, considering the natural and justified need for assistance. PM Modi welcomed the decision to operationalize the Loss and Damage Fund, adopted during the opening plenary of the COP28 Summit in Dubai.

The Loss and Damage Fund represents a significant step wherein affluent nations contribute to a fund addressing the damages incurred by more vulnerable developing nations due to climate change.

"A positive signal of momentum from COP28 in UAE on the first day itself," remarked the Union Environment Minister, highlighting the collective optimism for progress and collaboration emanating from the initial sessions of the conference. The operationalization of the Loss and Damage Fund stands as a tangible outcome of the conference's commitment to addressing the challenges faced by the Global South and fostering a more inclusive and supportive approach to climate action.

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