Jakarta, CNBC Indonesia – India will set itself a carbon neutral target by 2070. To achieve this, however, Prime Minister Narendra Modi urged developed countries to provide funding of $ 1 trillion, or the equivalent of Rs 14,286 trillion (assuming Rs 14,280 / US $ 14,280).

This was announced by Modi last week at the COP26 climate summit in Glasgow, Scotland.

“India hopes the developed countries of the world will provide $ 1 trillion in climate finance as soon as possible,” said Modi. Bloomberg.

“The judiciary will demand that countries that fail to meet their climate commitments be suppressed,” he added.

India’s Environment Minister Bhupender Yadav said the same. At a meeting of like-minded developing countries (LMDC), the Indian delegation said that climate finance could not continue at the 2009 level of US $ 100 billion.

“It has to be at least $ 1 trillion,” he said.

At the COP26 climate summit, several developing countries joined India’s demands for funding. The funds are intended to support the energy transition in order to reduce greenhouse gas emissions.

On behalf of the G77 and China, Guinea emphasized the importance of climate finance for the success of the COP26 talks and for the effective implementation of the Nationally Defined Contributions (NDC).

Bolivia, which represents LMDC, said developed nations’ 2009 pledge to mobilize $ 100 billion annually by 2020 has not been kept and the deadline has now been postponed to 2025.

Meanwhile, developing countries are being encouraged to step up their climate protection ambitions.

The Alliance of Small Island States (AOSIS) also stressed that $ 1.6 trillion has been used to subsidize fossil fuels around the world since the Paris Agreement was passed. At COP26, they also sought a decision to call for the elimination of all fossil fuel subsidies in major economies by 2023.

Economists say climate finance has always been a key issue in negotiations. At COP26 there was even a violent reaction from developing countries to financial promises that the industrialized countries had not kept.

So far the COP26 is still running and will not close until tomorrow on Friday (November 12th, 2021). The UN climate agency published the first draft with the political decisions of many countries on Wednesday (November 10th, 2021). This draft is to be published at the end of the summit.

Negotiators from nearly 200 countries will work on the draft to reach a final agreement before the end of the summit.

[Gambas:Video CNBC]

(tfa / tfa)