Climate Finance: The Keystone for Global Green Transition

Union Environment Minister Bhupender Yadav emphasized that climate finance is pivotal for climate action and urged developed nations to support the Global South's shift to a low-carbon economy. He highlighted the importance of unlocking private capital and addressing finance as a major element of development.

Union Environment Minister Bhupender Yadav on Thursday underscored the critical role of climate finance in global climate efforts, asserting it as the 'make-or-break' issue for climate action. He stressed the moral obligation of developed nations to aid the Global South's transition to a low-carbon economy.

Speaking at a FICCI event, Yadav outlined India's financial needs, projecting a requirement of over USD 10 trillion by 2070 to meet its net-zero targets. He called for revamped global financial systems to encourage private investment while maintaining transparency, accountability, and affordability.

The minister highlighted India's proactive stance under Prime Minister Modi, emphasizing initiatives like sovereign green bonds and the nation's vibrant startup ecosystem as crucial elements in the country's renewable energy expansion and broader climate action efforts.

(With inputs from agencies.)