Your Highnesses,

Excellencies,

Under its G-20 presidency, India has given high priority to the two topics of sustainable development and climate change.

We made ‘One Earth, One Family, One Future’ the basis of our presidency.

And through joint efforts, we also succeeded in reaching consensus on many topics.

Friends,

We all know that the role of all the countries of the Global South, including India, has been very less in climate change.

But the ill effects of climate change are much greater on them. Despite lack of resources, these countries are committed to climate action.

Climate finance and technology are essential to meet the aspirations of the Global South. The countries of the Global South expect the developed countries to help them as much as possible to combat climate change. This is both natural and justified.

Friends,

It has been agreed in the G-20 that climate action requires several trillion dollars of climate finance by 2030.

Climate finance that is available, accessible and affordable.

I hope that UAE's Climate Finance Framework initiative will provide impetus in this direction.

India welcomes the historic decision taken yesterday to operationalize the Loss and Damage Fund. This has brought new hope to the COP 28 summit. We hope that the COP summit will also yield concrete results on other topics related to climate finance.

First, COP-28 will see real progress on the New Collective Quantified Goal on Climate Finance. Second, there will be no reduction in Green Climate Fund and Adaptation Fund, this fund will be replenished immediately.

Third, Multilateral Development Banks will provide affordable finance for development as well as climate action. And fourth, developed countries will definitely eliminate their carbon footprint before 2050.

I also welcome the UAE's announcement of setting up a Climate Investment Fund and congratulate them.

Thank you very much.

DISCLAIMER - This is the approximate translation of Prime Minister's Press Statement. Original Press Statement were delivered in Hindi.

***

DS/AK