The Union Minister for Environment, Forest and Climate Change, Bhupender Yadav has urged that climate finance cannot continue at the levels decided in 2009 and it should be at least US $1 trillion to meet the goals of addressing climate change.

The Environment Minister was speaking at the Ministerial meeting of the Like-Minded Developing Countries (LMDC) held on 2nd November 2021 on the sidelines of COP 26 in Glasgow. The meeting was presided by the Bolivian President Luis Alberto Arce Catacora. The participating countries in the meeting included India, China, Cuba, Nicaragua, and Venezuela.  

Underlining the unity and strength of LMDC as fundamental in the UNFCCC negotiations to preserve the interest of the Global South in fighting climate change, Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars.

The Environment Minister underscored that under the dynamic and visionary leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities.

He requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI) and the Leadership Group for Industry Transition (LeadIT).

The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC, and expressed the need to ensure resources to TWN.   

Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced outcome with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment friendly technologies.