India to get ‘Eco-Umbrella’! Green Climate Fund to aid resources for climate action
Source :News Bharati English   Date :28-Jul-2017

New Delhi, July 28: Working towards sustainable development and preserving environment, Environment Minister Dr. Harsh Vardhan said, “India has been leading from the front in tackling global climate change issues and it will continue to do so in the future as well.” India can do more if finance and technology development and transfer and capacity building support are ensured as per the convention of the Paris Agreement.

Delivering the keynote address on the occasion of the signing of Accreditation Master Agreement (AMA) between Green Climate Fund (GCF) and National Bank for Agriculture and Rural Development (NABARD), the Minister emphasised that climate justice demands that we remain mindful of the needs and aspirations of the poor. He pointed out that despite being one of the fastest growing economies of the world, India has a significant percentage of population living below the poverty line.

“We need to take cognizance of the population size and income inequality and cannot ignore the basic requirement of electricity, housing and food for the poor. We expect GCF to partner with us on these issues and prioritize their work to overcome these challenges,” said Dr Harsh Vardhan.

Highlighting Prime Minister Narendra Modi’s wish list of empowering India, Environment Minister said that India is looking for opportunities to use off beat solutions like solar and wind power, smart cities, incentivizing forestry, creating investment openings and overall, involving all in the development process.

So far, one project from India on “Installation of Ground Water Recharge System” in Odisha has recently been approved by the GCF for $34 million. Another proposal on coastal areas has already been submitted to the GCF Secretariat and several more projects are in the pipeline. 

The Green Climate Fund (GCF) is one of the operating entities under financial mechanism set up under the United Nations Framework Convention on Climate Change (UNFCCC) to provide support to developing countries in combating climate change, with resources to be generated from funding by developed country Parties and various other public and private sources. It supports both climate change adaptation and mitigation projects in developing countries.