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Climate fund: Donor base, beneficiaries to be clarified by ’23

Climate fund: Donor base, beneficiaries to be clarified by ’23

NEW DELHI: While setting up a dedicated fund for climate “loss and damage”, the rich nations argued that the fund’s donor base should include big economies like China and the beneficiaries must only be the poor vulnerable countries.
The points of donor base and beneficiaries will, however, be clarified by next year as big economies like India and China have not been in favour of being mandatory contributors to the fund.
After initial hiccups, the final outcome of the COP27 also retains the Glasgow climate pact’s points on mitigation — “phase down” of unabated coal power and “phase out” of inefficient fossil fuel subsidies with conditions that’s suitable for India. India had to intervene a day before the conclusion of the talks to get it corrected in the draft text when it appeared to be a move by certain countries to bring “phase out” for coal and remove the conditions which India always argues to be important for supporting its poor population in terms of subsidising cooking fuel, farming operations and other activities.
There are, however, still a few loose ends of the COP27 outcome which are to be stitched together in due course as fossil fuel phase down points remain missing despite being supported by India and EU, but overall the COP27 will always be remembered for loss and damage.
The COP27 also set up a four-year work programme on climate action in agriculture and food security, and on a just transition for energy use. Since it’ll have implications for India, Yadav made it clear that the farmers should not be burdened with any mitigation efforts and why the developed countries should take lead in just transition.
Yadav said, “For most developing countries, just transition cannot be equated with decarbonisation, but with low-carbon development. Developing countries need independence in their choice of energy mix, and in achieving the SDGs.”

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