COP27 is the 27th ‘conference of the parties to the United Nations Framework Convention on Climate Change (UNFCCC). On 20 November, the 27th Conference of the Parties to the UNFCC took place in the Egyptian coastal city of Sharm el-Sheikh. The objective is to stabilize greenhouse gas concentrations at a level that would prevent dangerous anthropogenic (human-induced) interference with the climate system.
Therefore, due to this rise in the temperature of the Planet meetings like COP 27 have focused on an immediate energy transition.
Countries should cut their greenhouse gas emissions and adapt the climatic changes. Many underdeveloped countries lack the necessary technologies and resources. So, governments have agreed to help the developing countries mostly the weaker ones financially with climatic actions.
Speaking of climate financing for developing countries, a name that comes up is, India, because the country has a high range of GHG and carbon emissions that needs an immediate large-scale transition towards energy. At the COP27 climate meeting, New Delhi pressed for additional financial support from affluent nations to help it fulfill its renewable energy targets.
The Finance Minister has revealed to release of sovereign green bonds as part of total market borrowing in the budget of 2022/2023, with the revenues that are intended to be used to create green infrastructure. The public sector projects will be chosen for green financing among those proposed by government ministries.
Conclusion- In the COP26 session in Glasgow, India’s Prime Minister pledged to reach net-zero emissions by 2070. A high goal for India was established as part of the five-pronged pledge Panchamrit: to create 500 GW of power from non-fossil resources by 2030 and reduce carbon concentration to 45%.
This blog was originally published in ESI AFRICA. To read the complete blog follow this link https://www.esi-africa.com/regional-news/brics/the-use-of-climate-finance-in-developing-nations-to-change-energy-systems/