Developed countries called to fulfil financial commitments

Wednesday, November 21, 2018

The 27th BASIC Ministerial Meeting on Climate Change has urged developed countries to fulfil their climate finance commitments of mobilising US $100 billion per annum by 2020.

The Ministers have reiterated that public finance is the fulcrum of enhanced climate ambition by developing countries.

The 27th BASIC (Brazil, South Africa, India and China) Ministerial Meeting on Climate Change was held in New Delhi, India, on Monday and Tuesday.

They encouraged developed countries to progressively and substantially scale up their financial support and finalize a new collective finance goal to inform Parties for future action through Nationally Determined Contributions (NDCs).

The BASIC Ministers reiterated that the Paris Agreement is a significant step for advancing global action against climate change, based on the recognition of the needs and special circumstances of developing countries in accordance with the principles of Equity and Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), in light of different national circumstances.

The Ministers emphasized that global climate action should promote climate justice and a just transition by recognising the fundamental equality of all people in accessing economic growth and sustainable development.

The Ministers have welcomed the 184 ratifications, to date, of the Paris Agreement adopted under the United Nations Framework Convention on Climate Change (UNFCCC).

They called on all remaining parties to the UNFCCC to join the agreement as soon as possible.

“Ministers urged developed countries to enhance support to developing countries for capacity-building actions related to project or programme development and implementation, including related to transparency, finance, adaptation, mitigation and technology development and transfer to facilitate effective implementation of the Convention and its Paris Agreement,” the Ministers said. –