Draft document of Glasgow pact says climate finance is insufficient

The document urges the developed countries to ‘urgently scale up’

A draft document of the agreement that countries, including India, are negotiating in Glasgow, Scotland underlines that the promised climate finance by the developed countries is “insufficient to respond to the worsening climate change impacts in developing countries” and urges the developed countries to “urgently scale up.”

The provision of finance for mitigation and adaptation of the impact of global warming is one of the key sticking points. The United States, Canada, several countries of the European Union and the United Kingdom, among others, have dragged their feet on a commitment to provide $100 billion annually by 2020. India, along with several other developing countries, has for years pointed out that not providing this money implies that the developed countries’ demand to coerce major developing countries into a net-zero commitment by mid-century is unjustified. It also violates the core principle of equity and climate justice, they aver.