Lack of finance may jeopardise climate pledges: BASIC nations

India, Brazil, South Africa and China (BASIC countries) have warned developed nations that the lack of a serious approach to climate finance will jeopardise the enhanced mitigation and adaptation ambition, as well as net zero pledges of parties, at the COP26 Climate Summit in Glasgow.

“BASIC nations would also like to stress that the responsibility for climate finance, as mentioned in the convention and PA (Paris Agreement), should be respected.

“The CF (climate finance) responsibility remains that of developed countries, towards developing countries,” said Richa Sharma, Lead Negotiator (India), in a BASIC group statement at the joint stock take plenary at COP26. Prime Minister Narendra Modi announced ambitious climate goals at the ongoing COP26, which includes committing to a net-zero carbon emission target of 2070, achieving 500 GW installed capacity through non-fossil fuel sources by 2030, fulfilling 50 per cent of its energy requirements from renewables by 2030, reducing 1 billion tonne of carbon emissions from the total projected emissions by 2030, and reducing carbon intensity by 45 per cent in its economy.

Fulfilling commitments

The BASIC countries, through their intervention at the joint stock take plenary, implied that the high commitments taken on by developing nations at the Climate Summit may actually not be fulfilled if the developed world did not take its responsibility of providing the required funding seriously. Right at the beginning of the summit earlier in the month, the BASIC group, which came together in 2009, reminded developed countries of their promise of providing an annual climate funding of $100 billion to poorer nations and demanded that a road map for the next five year’s funding be provided.

The BASIC countries share a broadly common position on reducing greenhouse gas emissions and raising finances needed to meet their green goals. At the stock taking plenary, the four also stressed that it must be ensured that while deciding on commitments, the principles of ‘Equity and Common but Differentiated Responsibilities and Respective Capabilities’ should get full recognition. This is important in the context of the preliminary draft text of the Glasgow Pact issued by the United Nations Framework Convention on Climate Change on Sunday, stressing on the need for urgent efforts to achieve the 1.5 degrees Celsius target.

“We support strong, credible domestic mitigation actions by developed country parties without undue reliance on cheap offsets to maintain their high carbon, unsustainable lifestyles. Towards this end, we support markets that are credible and have high environmental integrity and strong non market approaches as well,” said Sharma.