Prime Minister Shri Narendra Modi participated in the COP-28 Presidency’s Session on "Transforming Climate Finance” on 1 December 2023 in Dubai, UAE. The event focussed on making climate finance more available, accessible, and affordable to developing countries.
During the session, the leaders adopted the "UAE Declaration on a New Global Climate Finance Framework”. The declaration includes elements on, inter alia, delivering on commitments and achieving ambitious outcomes and widening the sources of concessional finance for climate action.
During his address, Prime Minister voiced the concerns of the Global South and reiterated the urgency of making the means of implementation, particularly climate finance, available to the developing countries to achieve their climate ambitions and implement their NDCs.
Prime Minister welcomed the operationalisation of Loss and Damage Fund and establishment of the UAE climate Investment Fund at COP-28.
Prime Minister called for the COP-28 to deliver on the following issues related to Climate Finance:
- Progress in New Collective Quantified Goal on Climate Finance
- Replenishment of Green Climate Fund & Adaptation Fund
- Affordable Finance to be made available by MDBs for Climate Action
- Developed countries must eliminate their carbon footprint before 2050
