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Lack of serious policy on climate finance threatens parties’ net zero promises: Basic countries at COP26

Lack of a serious approach to climate finance will jeopardize the enhanced mitigation and adaptation ambition as well as Net Zero pledges of parties: BASIC countries at COP26

Taking the floor on behalf of BASIC (Brazil, South Africa, India and China), India delivered the BASIC group statement at the joint stock take plenary at COP26 underway at Glasgow.

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Delivering the statement, Ms. Richa Sharma, Lead Negotiator(India) and Additional Secretary, Ministry of Environment, Forest and Climate Change said that BASIC countries support strong , credible domestic mitigation actions by developed country parties without undue reliance on cheap offsets to maintain their high carbon , unsustainable lifestyles and towards this end, the grouping supports markets that are credible and have high environmental integrity and strong non market approaches as well.

Ms. Sharma highlighted that cover decisions of COP26 should remain within the confines of the UNFCCC and the Paris Agreement and be fully consistent with its guiding principles of equity and Common But Differentiated Responsibilities and Respective Capabilities(CBDR-RC) and stated that the planet will benefit from strong implementation of the Paris Agreement , particularly in this critical decade .

Read the Full Statement

 

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