India, UAE ask developed nations to fulfil USD 100 billion climate finance commitment

Abu Dhabi: Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan on Saturday said there was an urgent need for developed countries to fulfil the USD 100 billion delivery plan to mitigate and adapt to the effects of climate change.

In a joint statement on climate change issued after talks between the two leaders, India and the UAE highlighted the importance of the global stocktake (GST) of collective action to achieve the goals of the Paris Agreement and its successful conclusion at COP28 scheduled to be held in Dubai later this year. Modi congratulated the UAE for being selected as the host country of COP28 in 2023 and extended his full support to its incoming presidency of the climate conference.

The Prime Minister thanked Sheikh Mohamed for the invitation to attend the COP-28. "I am thankful for your invitation and I always look for the chance to come here. I have decided to attend the COP-28 Summit in the UAE In the joint statement, both leaders urgently called upon the international community to expedite efforts in order to preserve the long-term goals of the Paris Agreement through the fulfilment of nationally determined contributions and the display of solidarity and support.

The two leaders underscored the imperative of achieving ambitious, balanced, and implementation-oriented outcomes at COP28 across all the important pillars of global climate action; namely the mitigation, adaptation, loss and damage and means of implementation including climate finance. “In this context, both leaders highlighted the importance of the global stocktake (GST) and its successful conclusion at COP28, an ambitious exercise designed to take stock of global collective action to achieve the objectives of the Conventions and the goals of the Paris Agreement,” the joint statement said.

They emphasised the importance of implementing a balanced approach to the Global Stocktake at COP28 and called upon the nations to use the outcomes of GST to strengthen their national commitments, including those on the mobilisation of greater finance and support to the developing nations. They also emphasised the necessity of international cooperation in supporting developing nations to respond effectively to the adverse impacts of climate change, in accordance with the provisions of the Convention and the Paris Agreement.

Modi and Sheikh Mohamed noted that investments in renewable energy, green hydrogen, utilization and storage technologies, energy efficiency, and other low-carbon solutions will have the potential to accelerate sustainable economic growth and also foster job creation. The leaders emphasised on the necessity of supporting and deploying all technologies to effectively address and reduce emissions while ensuring a just transition that enables comprehensive sustainable development. “In this regard, both leaders call upon the international community to redouble efforts towards ensuring availability, accessibility and affordability of critical technologies for the developing countries,” the joint statement said.