India will use next week's to urge rich countries to keep their promise to give $100 billion a year in funding to help developing nations deal with climate change and switch to cleaner energy, two government sources said.
View of a COP27 sign on the road leading to the conference area in Egypt's Red Sea resort of Sharm el-Sheikh town as the city prepares to host the COP27 summit next month, in Sharm el-Sheikh, Egypt October 20, 2022. REUTERS/Sayed Sheashato urge rich countries to keep their promise to give $100 billion a year in funding to help developing nations deal with climate change and switch to cleaner energy, two government sources said.
"The cost of both decarbonisation and coping with the impact of climate change will be huge and that is why those who have disproportionately contributed to greenhouse gas emissions shouldn't delay the funding," one of the sources said. In 2009, the developed countries most responsible for global warming pledged to provide $100 billion per year by 2020 to help developing nations deal with its consequences., generating mistrust and reluctance among some developing nations to accelerate their emissions reductions.
The sources said India had already initiated steps such as meeting half of its energy demand from non-fossil fuels and building 500 gigawatts of non-fossil energy capacity by 2030.
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