Funding for climate change has not happened: FM Sitharaman

Washington: India has been meeting its climate change commitments through its own funding, Union Finance Minister Nirmala Sitharaman has said as she slammed the West for not making the promised funding available to countries to achieve their climate objectives.

She said India has come up with very ambitious nationally determined goals in its fight against climate change.

"The commitments which we have given in COP21 earlier and COP26 subsequently are all working together with those parameters, which let's say everybody agreed in the UNFCCC. So all of us will walk the path the way we have nationally determined commitments that have been given. I'm happy to say that India somehow fulfilled its COP21 commitments given in Paris, largely out of its own funds,” she said on Monday.

“Funding (for the fight against climate change) is there, but not available. Committed, but not actually disbursed yet. So, the hundred billion that we've been talking about has not happened at all. That could be something which many countries would want to speak about, and I'll put that on my list,” she said.

Sitharaman said there are real-time worries as to what is the per capita emission that is being talked about, which actually is hurting some countries.

"Is per capita emission going in favour of X, Y, Z countries or is it going against some other country? Isn't there some kind of an element of justice, which is inbuilt when you're talking about per capita emission?” the minister asked.

Even today a very learned view on what exactly is emission and how much is happening from where. And, is it got to be only two days or is it got to be from the time industrial revolution 1.0 happened? So, there are still certain pain points which have to be addressed, Sitharaman said.

“Also, worrying for me, even as we plan our nationally determined commitments to be fulfilled, is the way in compassion but doesn't appear so much in front of your instruments through which tools, through which countries are going to be questioned or bound by certain expectations such as when you're funding development projects,” she said.

"For countries like India, where we are proving repeatedly that we are complying with the expectations and the commitments given by us if funding for developmental activities come with inbuilt conditions," she said.

The minister took the example of the steel sector and said any non-green steel coming into Europe is going to be put on with or burdened with a higher customs duty to make up for the fact that it is dirty steel, yet they buy the dirty steel if one pays more.

“Why do we do that? Because we have dirty steel, which has now got to become clean steel, but for the cost, I need this money, which is coming from the border, just spent tax, I'm sorry to speak like an activist, but that's how it looks,” she said.

“So, my non-green steel is okay for you as long as I'm paying extra, that extra is not coming for me to convert my dirty steel into green steel, good steel. Whereas I'm being given the comfort of, you may export to me, I'll buy you dirty steel provided you pay me more.

"And, what will I do with that money? I'll convert my dirty steel to green steel and post that, the world will come up with a situation of saying no non-green steel can be traded, sorry. And only green steel will be available. You know where. So that worries me,” she said.