The agenda for COP27 in Egypt this year, which began November 6, is set for targeting the critical question on climate finance. The negotiations can mark an important year for the Global South, given that these countries are the most vulnerable to climate change.
According to the World Bank, India bears losses worth $9.8 billion each year as a result of extreme events, with floods alone accounting for 50 per cent of the damages. In 2020, floods led to damages equivalent to 0.15 per cent of the country’s GDP in addition to thousands of lives being lost or impacted. With its updated Nationally Determined Contributions (NDC) this year, India has set targets on improving climate adaptation.
To achieve this, mobilising more finance from both domestic and international sources is a priority. However, this can be a major challenge because international support is skewed towards mitigation projects. Moreover, the modalities of financing mechanisms have seen a shift from grants to loans.
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