Yadav later reviewed the progress of a Memorandum of Understanding (MoU) on Climate Action signed on 26th May this year between India and UAE…reports Asian Lite News
India’s Minister for Environment, Forests and Climate Change, Bhupender Yadav, has praised the UAE’s climate actions and highlighted global initiatives spearheaded jointly by the UAE and India for combating climate change.
The Minister is in Dubai to attend the World Green Economy Summit (WGES), which began on Wednesday. He attended a Ministerial Roundtable for Green Economy as part of the Summit, India’s Ministry of Environment, Forest and Climate Change said in a press release.
“Speaking at the Roundtable, the Minister stressed the importance of addressing environmental and climate objectives alongside economic development and further stated that accelerating low carbon transition across different economic sectors is the need of the hour,” the press release said.
Yadav later reviewed the progress of a Memorandum of Understanding (MoU) on Climate Action signed on 26th May this year between India and UAE. During bilateral discussions, he was briefed about preparations for the 28th session of the Conference of the Parties (COP 28) which will be held in the UAE in 2023.
The Minister said, “India is the first country with a cooling action plan based on energy efficiency and thermal comfort and has launched important initiatives for industrial energy efficiency,” the press release said.
Speaking at the roundtable, Union Minister stressed the importance of addressing environmental and climate objectives alongside economic development.
The Minister outlined achievements under various policies as well as partnerships steered by India under the leadership of Prime Minister Narendra Modi.
He mentioned global initiatives like International Solar Alliance and other initiatives for strengthening the green economy across key sectors like energy, industry, transportation, agriculture, and forestry.
According to an official release, the minister mentioned about the measures taken by India on sustainable finance such as sovereign green bonds, blended finance as well as setting up the GIFT city and the ISA-Solar Risk Mitigation Initiative.
The Union Environment Minister stated that India is the first country with a cooling action plan based on energy efficiency and thermal comfort, and has launched important initiatives including UJALA Yojana and schemes for industrial energy efficiency. India’s ambitious renewable energy progress was also mentioned.
On climate finance, Yadav stated that Glasgow Financial Alliance for Net Zero estimates a requirement of USD 100 trillion of finance for global net zero by 2050. He said developed countries have failed even in mobilizing the amount of USD 100 billion per annum by 2020, and India’s NDCs are thus largely financed by domestic investment.
After the Roundtable, the Union Minister also had a bilateral meeting with Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
In the meeting, they discussed issues relating to COP 27, COP 28, MoU on Climate Actions between India and UAE, and global initiatives spearheaded by UAE and India for combating climate change. (with inputs from ANI)