<p>A statement issued by 18 Like-Minded Developing Countries (LMDC) on their expectations from the forthcoming UNFCCC (UN Framework Convention on Climate Change) Conference of Parties (COP) has put the focus on the proposals to come up at the meeting and the likely decisions to be made. COP27 will convene in Sharm el-Sheikh, Egypt, November 6-18 and will hopefully find agreement on a number of issues that have been postponed in the past. LMDC is a group of countries that have taken common positions at climate negotiations in the past. In the joint ministerial statement, they have drawn attention to the need for adequate climate finance for mitigation of the impact of global warming in their countries. These allocations have to be made by developed countries to the poorer nations and have been the most contentious issue at all past negotiations. The Sharm el-Sheikh meet is unlikely to be different.</p>.<p>None of the promises and pledges made at climate conclaves will be of use without adequate finance to support them. COP27 has been named as the COP of Implementation, but the LMDC countries have noted the persistent failure of the developed world to help in meeting the climate adaptation costs in the developing world. These costs are huge. India’s Minister for Environment, Forest and Climate Change Bhupender Yadav regretted that the goal of mobilisation of $100 billion had not been achieved. Recently, the UN Environment Programme (UNEP) estimated that the costs would amount to around $70 billion annually and could rise two to four times by 2030 and about seven times by 2050. The cost of failure to provide the necessary assistance to the developing countries will be huge and the world will have to pay a terrible price for that. It has already started paying the price. </p>.<p>Article 2.1c of the Paris Agreement, which calls for "making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development,” assumes special significance in this context, apart from Article 2.1a and Article 2.1b, which are about mitigation and adaptation. There is still no agreement on the meaning and the implications of Article 2.1c. The LMDC grouping, including India, has called for an agreed definition of finance, setting of finance goals beyond 2025 and a review of the commitments made by developed countries till now. Progress on climate action and equity is crucially dependent on finance and that is why it will take centre-stage at COP27. Excuses like the global economic slowdown and Ukraine war should have no place in COP27, because disaster does not listen to excuses. </p>
<p>A statement issued by 18 Like-Minded Developing Countries (LMDC) on their expectations from the forthcoming UNFCCC (UN Framework Convention on Climate Change) Conference of Parties (COP) has put the focus on the proposals to come up at the meeting and the likely decisions to be made. COP27 will convene in Sharm el-Sheikh, Egypt, November 6-18 and will hopefully find agreement on a number of issues that have been postponed in the past. LMDC is a group of countries that have taken common positions at climate negotiations in the past. In the joint ministerial statement, they have drawn attention to the need for adequate climate finance for mitigation of the impact of global warming in their countries. These allocations have to be made by developed countries to the poorer nations and have been the most contentious issue at all past negotiations. The Sharm el-Sheikh meet is unlikely to be different.</p>.<p>None of the promises and pledges made at climate conclaves will be of use without adequate finance to support them. COP27 has been named as the COP of Implementation, but the LMDC countries have noted the persistent failure of the developed world to help in meeting the climate adaptation costs in the developing world. These costs are huge. India’s Minister for Environment, Forest and Climate Change Bhupender Yadav regretted that the goal of mobilisation of $100 billion had not been achieved. Recently, the UN Environment Programme (UNEP) estimated that the costs would amount to around $70 billion annually and could rise two to four times by 2030 and about seven times by 2050. The cost of failure to provide the necessary assistance to the developing countries will be huge and the world will have to pay a terrible price for that. It has already started paying the price. </p>.<p>Article 2.1c of the Paris Agreement, which calls for "making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development,” assumes special significance in this context, apart from Article 2.1a and Article 2.1b, which are about mitigation and adaptation. There is still no agreement on the meaning and the implications of Article 2.1c. The LMDC grouping, including India, has called for an agreed definition of finance, setting of finance goals beyond 2025 and a review of the commitments made by developed countries till now. Progress on climate action and equity is crucially dependent on finance and that is why it will take centre-stage at COP27. Excuses like the global economic slowdown and Ukraine war should have no place in COP27, because disaster does not listen to excuses. </p>
