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India for $100 billion Climate Fund target
India on Monday insisted on early financing of the Green Climate Fund to reach the $100 billion target, as Environment Minister Prakash Javadekar arrived here to participate in crucial negotiations to reach a historic deal to be signed next year in Paris.
Lima: India on Monday insisted on early financing of the Green Climate Fund to reach the $100 billion target, as Environment Minister Prakash Javadekar arrived here to participate in crucial negotiations to reach a historic deal to be signed next year in Paris.
The Green Climate Fund (GCF) was established with a proposed $100 billion budget in order to assist developing countries with climate-related projects.
India has been at the forefront of keeping the pressure on the developed countries to meet their commitment to provide climate finance.
India has made it clear that a robust global agreement in Paris next year is directly linked to the predictable availability of financing through the Green Climate Fund.
As the climate talks entered its second week, Javadekar said "the real issue" in Lima "is that [the Green] Climate Fund must become a reality".
He said finance would be a "main point of decision in Lima" because the current level of funding is only at $9.7 billion.
He said that India and other developing countries were hoping the GCF would be funded at a rate of $10 billion every year until 2020 to reach the $100 billion target.
By: Mythili Sampathkumar
