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Union Minister for Environment, Forest and Climate Change Bhupender Yadav has said India strongly supports the decision to operationalise the Loss and Damage Fund.
A decision to operationalisation the Loss and Damage Fund was adopted in the opening plenary of COP28. "A positive signal of momentum from COP28 in UAE on the first day itself," the Union Environment Minister said. The Loss and Damage Fund is a package where rich nations pay a damage cost to developing nations, which are more vulnerable to climate change. Meanwhile, Bhupender Yadav recently underscored the importance of climate justice. Speaking at the final session of the concluding day of the India Global Forum's Climate for Business (ClimB) Forum, the Minister said, "17 per cent of the developed world has a per capita emission of 60 per cent, but what about the 54 African countries? Their carbon emissions are only 4 per cent." "When we talk about climate change, we must also discuss climate justice. It is essential to provide a dignified life to every human being and recognize that every country has a right to development," he said. Drawing attention to the unfulfilled funding pledges by developed countries, Yadav said, "The promise by developed countries to provide a hundred billion dollars in finance has not been fulfilled till today. So where will the trust come from?" "In COP28, the outcome of Global Stocktake is very important," he said while adding that the conference should adopt the framework of the Global Goal on Adaptation. The minister also called upon COP28 to increase the funds for global adaptation practices. (ANI)
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