Javadekar Calls for Capitalisation of GCF By 2015

Outlook , Saturday, July 12, 2014
Correspondent :
Environment Minister Prakash Javadekar today expressed concern over the empty coffers of the Green Climate Fund (GCF) despite its launch in 2009-10 and urged countries to agree to a roadmap for its capitalisation by 2015.

Speaking at the Major Economies Forum in Paris today, Javadekar emphasised that "quick capitalisation was the need of the hour" and the capitalisation should be facilitated majorly by public financing in grant terms. He underlined that the private sector can "complement but not supplant" public finance needed to address climate change and its impacts.

"We are concerned that despite being launched in 2009-10, the GCF still has empty coffers. The need of the hour is the quick capitalisation as climate actions cannot wait," Javadekar said during his speech.

"The capitalisation of the GCF should be facilitated majorly by public financing in grant terms. Many countries are emphasising on private sector investment and climate investment as panacea for all ills.

"However, in our view, the private sector can complement but not supplant public finance needed to address climate change and its impacts," he said.

"The GCF should be capitalised by 2015. This requires countries to agree to a roadmap for achieving this," he said. Javadekar also suggested that part of GCF should be used for financing critical technologies and purchase of IPRs and making them available to developing countries free of cost.

He rued that the Initial Resource Mobilisation (IRM) meeting in Oslo has hardly produced any result and said that reclassifying Overseas Development Assistance (ODA) as climate finance also cannot be done as it would have critical bearing on the pre-2020 and the post-2020 climate agenda.

The Minister said India had presented its budget for 2014-15 was presented yesterday and had taken a number of steps to combat climate change including earmarking Rs 100 crore for National Adaptation Fund, setting up of mission for Himalayan region, Clean Ganga mission and enhancement of ac cess on coal from Rs 50 a tonne to Rs 100 a tonne.

Speaking about the role of finance post-2020, Javadekar said that the probability of many developing countries submitting their Intended Nationally Determined Contributions (INDCs) will be very low if the developed countries do not commit a substantial amount of climate finance upfront before September 2014.

"Let me reiterate here that the issue of climate finance and commitment thereof in substantial amount by the developed countries is an essential prerequisite for eliciting carefully prepared information on INDCs from the developing countries," he said. The MEF meeting in Paris is going to be "very crucial" as all eyes are set on Paris as the city is going to see a new climate change agreement in 2015.

Conveying wishes of Prime Minister Narendra Modi to the delegates, Javadekar told the gathering that Modi was elected with a substantial majority in the largest democratic elections in the world where 550 million people voted.

Many countries including UK, US, Australia, Canada, France, Russia, Germany and others congratulated the new Indian government and expressed interest in working with it. Javadekar later tweeted, "Highligted @narendramodi led Govt's emphasis on Environment Protection and proposals of #Budget2014 to Major Economies Forum in Paris.

"Highlighted #Budget2014 provisions - National Adaptation Fund, Mission for Himalayan region, Clean Ganga Mission & others at #Paris." The minister also mentioned about his suggestions regarding financing of critical technologies by GCF in another tweet.

"Suggested to Major Economies Forum that part of GCF should be used for financing critical technologies & purchase of IPRs. These technologies then can be made available to developing countries free of cost.#Paris," he tweeted.

 
SOURCE : http://www.outlookindia.com/news/article/Javadekar-Calls-for-Capitalisation-of-GCF-By-2015/849338
 


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