staina ilit and limate han e ndia and he               orld        19.5
              technology development and transfer,          Paris Agreement was advanced by the parties at the
              capacity building and transparency of         COP 23. Major takeaways for India from COP
              action and support.                           23 (Bonn, Germany, 6-17 November, 2017) have
          (v) Developed countries are urged to scale        been4:
              up their level of financial support with            (i) The agenda of pre-2020 climate change
              a complete road map towards achieving                    commitments and implementation have
              the goal of jointly providing US$ 100                    found a significant place in COP 23
              billion by 2020. At the same time, a new                 outcome in the form of a decision with
              collective quantified goal based on US$                  steps for future action on pre-2020 action
              100 billion floor will be set before 2025.               and ambition.
         (vi) It mandates that developed countries
                                                                (ii) The decision emphasizes that enhanced
              provide financial resources to developing
                                                                       pre-2020 actions can lay a solid foundation
              countries. Other Parties may also
                                                                       for enhanced post-2020 ambition.
              contribute, but on a purely voluntary
              basis.                                             India, at the conference, was able to preserve
        (vii) Developed countries are urged to take the     differentiation taking positions on all important
              lead in mobilization of climate finance,      issues related to implementation of the Paris
              while noting the significant role of public   Agreement such as—nationally determined
              funds in the mobilization of finance          contributions;          adaptation      communication;
              which should represent a progression          transparency in framework; global stocktake;
              beyond their previous effort.                 compliance; technology framework;, finance and
       (viii) It includes a robust transparency             capacity building prepared for further work on
              framework for both action and support.        rules, modalities and guidelines.
         (ix) Starting in 2023, a global stock-take
              covering all elements will take place every      GrEEn FInancE
              five years to assess the collective progress  In the past few years, the term ‘green finance’ has
              towards achieving the purpose of the          gained a lot of attention across the world. The
              Agreement and its long-term goals.
                                                            idea gets its first mention in the UN document at
          (x) It establishes a compliance mechanism,        the UN Conference on Sustainable Development
              overseen by a committee of experts that       (also known as Rio+20), 2012. Though it lacks an
              operates in a non-punitive way, and is        universal definition, green finance mostly refers
              facilitative in nature.
                                                            to financial investments in projects and initiatives
           Multilateral climate change negotiations are     that encourage more sustainable economy.
     primarily focused on framing rules and regulation
                                                                 There is no universal definition of green finance,
     to implement the Paris Agreement (COP 21).
                                                            though, it mostly refers to financial investments
     This task began in Marrakesh, Morocco in (COP
     22, 7-19 November, 2016) where the countries           flowing towards sustainable development projects
     agreed to complete and finalize the rulebook by        and initiatives that encourage the development
     December 2018 (i.e., COP 24, 3-14 December,               4.    Economic Survey 2018-19, Vol. 2, Ministry of Finance,
     2018, in Poland). The work programme under the                  GoI, N. Delhi, p.76.