Climate financing area of worry, says Nirmala Sitharaman

WASHINGTON: Treasury Secretary Nirmala Sitharaman said climate finance remained an area of ​​concern as she raised India’s concerns about the funding mechanism and technology transfer.
Her remarks came ahead of the upcoming COP26 Summit in Glasgow, UK. The leaders of nearly 200 countries, including India, will meet at the high-level summit on climate change, due from October 31 to November 12, to discuss the path to tackle climate change and present their updated targets.
Sitharaman said it was unclear how the $ 100 billion-a-year commitment made under COP21 was extended.
“On my part, of course, one of the issues that I’ve raised that a lot of people take note of is that we actually don’t know if there have been any measures in place to measure whether money is being spent on someone’s project will be part of that $ 100 billion, “Sitharaman said after concluding their meetings at the International Monetary Fund (IMF) and the World Bank here on Friday.
“So what is $ 100 billion? How do we measure whether or not $ 100 billion has actually been given or just part of it? coming or not is also one of the problems, “she said.
Sitharaman said several participants, both at the IMF and World Bank meetings, had highlighted this particular issue.
“Funding remains a concern for many countries, as is technology transfer,” she said.
“The question is, as in the fund, again, do we know what technology we want to transfer? Do we know what things need to be considered in the debate and technology transfer,” said Sitharaman.
When asked, the finance minister replied that her opinion on this did not reflect her dissatisfaction.
“I am not saying that it is because of the honoring of India’s commitments that it explains this dissatisfaction. There are only six countries that have complied with the nationally established commitments.
“India has more than done it and has also submitted a report to show that we have done this. What needs to be achieved by 2030, we have already achieved … almost achieved, and now we have raised our expectations.” with renewable energies (energy) we reach 450 GW (gigawatts), ”said Sitharaman.
“So I don’t think I can be disappointed or dissatisfied for even a moment, clearly on our part. We are moving with our own means to meet our obligations,” said the minister.
There are things to be done, she admitted.
“It is a reminder because the level that many countries are at, the level of development at which each individual must be able to meet a nationally determined obligation, means a lot,” said Sitharaman.
She also expressed concern about rising oil prices.
“Even if I put more money into renewable energy and try to make the energy we produce cleaner, I will be concerned about that price hike,” Sitharaman said.
In response to a question, the finance minister replied that sustainable debt financing was discussed during the meeting.
In addition to her meetings at the IMF and the World Bank, Sitharaman has had more than 25 bilateral engagements.
Sitharaman has finished the Washington DC leg of her US trip. From here, she will travel to New York for an interactive session with the business community before flying home. She started her weeklong trip from Boston on Monday.

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