In the address at the World Climate Action Summit – Transforming Climate Finance, Indian Prime Minister Narendra Modi emphasized the critical need for global cooperation in addressing climate change, particularly in providing adequate and accessible climate finance to developing nations.
During his speech, Prime Minister Modi reflected on India’s commitment to sustainable development and climate action during its G20 Presidency. Highlighting the prioritization of these issues, he underscored the importance of collective efforts, making “One Earth, One Family, One Future” the cornerstone of India’s approach.
Addressing the historical minimal role of countries in the Global South, including India, in climate change discussions, Prime Minister Modi acknowledged the profound impact of climate change on these nations. Despite resource constraints, he affirmed the commitment of these countries to climate action. The Prime Minister also stressed the essential role of climate finance and technology for the Global South to fulfill their climate commitments. He called upon developed countries to make maximal efforts in supporting these nations, deeming it not only a natural but also a fair expectation.
Referring to agreements reached at the G20, Prime Minister Modi highlighted the necessity for several trillion dollars in climate finance by 2030. He expressed the need for finance that is available, accessible, and affordable, commending the Climate Finance Framework Initiative of the UAE for its potential contributions.
Acknowledging the operationalization of the loss and damage fund, Prime Minister Modi expressed hope for concrete outcomes on other climate finance and climate action subjects at COP28. He outlined key expectations, including progress on a New Collective Quantified Goal(NCQG) on climate finance, no shortfall on the Green Climate Fund (GCF) and the Adaptation Fund and the immediate replenishment of these funds. Prime minister also emphasised that multilateral development banks should provide affordable finance for climate action in addition to developmental finance. Prime Minister Modi also welcomed the UAE’s announcement to establish a climate investment fund, viewing it as a positive step towards addressing climate challenges.