India Secures USD 1.16 Bn In Climate Funding But Relies On Domestic Resources

ENA Sectors 2025-02-07 14:19:28 New Delhi, Feb 7 (KNN) In a written statement to the Rajya Sabha, Union Environment Minister Bhupender Yadav revealed that India has received USD 1.16 billion through the United Nations Framework Convention on Climate Change's financial mechanism for climate projects. The funding comprises USD 803.9 million from the Green Climate Fund, USD 346.52 million from the Global Environment Facility, and USD 16.86 million from the Adaptation Fund. Despite this international support, Yadav emphasised that the majority of India's climate initiatives continue to be funded through domestic resources. The minister highlighted India's comprehensive approach to climate adaptation and resilience, with policies and measures implemented across key economic sectors. Addressing concerns about climate change's impact on agriculture, Yadav warned of potential adverse effects on crop yields without proper adaptation measures. In response, the government has launched several initiatives, including the National Mission for Sustainable Agriculture. Recent Union Budgets have demonstrated an increasing commitment to climate action. The 2025-26 budget introduced significant measures such as the PM Dhan-Dhaanya Krishi Yojana, National Mission on High Yielding Seeds, and a comprehensive program for vegetables and fruits. These initiatives form part of India's long-term adaptation strategy, integrated within the broader framework of the National Action Plan on Climate Change. The funding situation reflects a larger global challenge. Under the 1992 UNFCCC agreement, high-income industrialised nations are obligated to provide financial support to developing countries for climate action. While these nations finally met their 2009 pledge of USD 100 billion per year in 2020, approximately 70 per cent of the funds were provided as loans rather than grants. At last year's UN climate conference in Azerbaijan, developed nations proposed USD 300 billion in funding by 2035, far below the estimated annual requirement of USD 1.3 trillion from 2025 onward. India has strongly criticised this funding proposal as insufficient. The government's 2024-25 Economic Survey report suggests that inadequate funding from developed nations might force developing countries to reassess their climate targets. As countries prepare to submit their climate plans for 2031-2035, Chief Economic Advisor V Anantha Nageswaran has indicated that domestic resources will remain crucial for India's climate action given the limited international support. (KNN Bureau) 40979 https://knnindia.co.in/news/newsdetails/sectors/india-secures-usd-116-bn-in-climate-funding-but-relies-on-domestic-resources 2025-02-07 14:19:28 knnindia.co.in India Secures USD 1.16 Bn In Climate Funding But Relies On Domestic Resources