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Notwithstanding the global financial crisis, India would demand for larger allocation of funds by the developed countries towards climatic change mitigation and adaptation under the United Nations Framework Convention on Climate Change (UNFCC) schedule in the forthcoming meet to be held in Poznan, Poland next month.
Vijai Sharma, secretary, ministry of environment and forest said, “funds accumulated under the Clean Development Mechanism (CDM) is inadequate to take up any mitigation work as the current scale of funding is really small”.
Under CDM (2008-2012) ratified under the UNFCCC, developed countries can give financial incentives to companies in developing countries for reducing greenhouse gas emissions. Out of the total carbon trading business of $ 64 billion, 2% goes towards mitigation and adaptation funds which ensure advanced green technology transfer from developed to the developing countries. He also remarked, “carbon trading should be expanded as funds generated from it are too meager to take up any effective mitigation work”.
He said that the country would need additional financial resource allocation or commitment beyond official development assistance from the developed countries.
According to an official of the ministry of environment and forest, climate change adaptation and mitigation strategy requires around $80 billion per annum while at present only about $70 million has been collected under the CDM.
India is sending a strong delegation to 14th conference of parties to the UNFCC and 4th meeting of the parties under the Kyoto Protocol, which is scheduled in Poland during December 1—12 2008. It is being held amidst the fear that the global financial crisis might force the developed world to cut resource allocation towards climate change mitigation effort.
According to the statistics available, India's per capita emission per person per year was 0.87 tonnes in 1994 and has risen to 1.1 tonne per person now. The Poznan meet is expected to come out with a blue print or a vision document for stabilizing the green house gases and minimizing the emissions. Source: Financial Express
November 27, 2008
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