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.