"Global action on climate change will require building trust between developed and developing countries. There must be trust about the neutrality of processes or institutions through which agreements are implemented, money is disbursed or disputes are resolved," Indian Finance Minister P. Chidambaram said at a World Bank organised event.

"The solutions should include fair burden sharing and measures to realize sustainable patterns of consumption and production. The UN Framework Convention on Climate Change should be the only basis for a global compact, anchored as it is in the well-established principle of equity and common but differentiated responsibility" he said.

The Finance Minister said that no discussion on climate change can be taken forward without underscoring the deep inequity in the causes and impacts of climate change. "The developed world has caused the problem with many decades of unsustainable development process. But it is the poorer countries that will be worst affected," Chidambaram said at a breakfast meeting on 'Taking the Bali Process Forward', organised as a part of the Spring Meetings of the world body.

The Indian leader stressed that the global community had "a shared responsibility to think through the complex challenges of climate change and come up with fair, equitable and imaginative solutions".

"Given their responsibility for causing the problem, the developed world has two clear obligations: to massively reduce their GHG emissions, and to provide new and additional financial and technological help to the developing countries to manage mitigation as well as adaptation efforts," Chidambaram said.