Ministry of Finance Releases Discussion Paper Entitled “3 Essential “S’S” (Download PDF)

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A Discussion Paper entitled “3 Essential “S”s of Climate Finance - Scope, Scale and Speed: A Reflection” on the sidelines of COP 24 to UNFCCC at Katowice, Poland, was released by Department of Economic Affairs, Ministry of Finance.

Place: Poland

Image of A Discussion Climate Finance

Image of A Discussion Climate Finance

Image of A Discussion Climate Finance

Abstract of the 3 Essential “S’S” of Climate Finance - Scope, Scale and Speed: a Reflection

  • Analytically the scope, scale, and speed required in climate finance.

  • While the financial requirements of developing countries run into trillions of Dollars, the commitments made by the developed countries for enhancement and support in relation to climate finance is not clearly translated into reality.

  • Equally important is the issue of reporting and tracking of climate finance. The Discussion Paper finds serious concerns w/the various numbers on climate finance reported by the developed countries.

  • This Paper attempts to identify the essential elements, systematically, for a robust and transparent accounting of climate finance flows from developed to developing countries.

Discussion in the 3 Essential “S’S” of Climate Finance - Scope, Scale and Speed: a Reflection

  • Climate change issues have taken centre-stage in the recent times w/various scientific reports pointing to the serious effects of climate change and global warming.

  • The urgency for global climate action cannot be over emphasized.

  • While the developing countries like India have been taking many actions against climate change and adapting to its adverse effects best to their own abilities and national circumstances, as mandated in the UNFCCC and its Paris Agreement, the climate actions of developing countries have to be supported by climate finance flows from developed to developing countries.

  • Yet the progress achieved is not quite satisfactory.

Conclusion of 3 Essential “S’S” of Climate Finance - Scope, Scale and Speed: a Reflection

  • The Parties at CoP 24 in Katowice in December, 2018 need to address these important questions on climate finance.

  • While India will continue to play its constructive role at CoP 24 to UNFCCC at Katowice, it is hoped that this Reflection paper will be of utility to stakeholders during deliberations therein.

- Published/Last Modified on: January 31, 2019

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