The ministers also urged the developed countries to present a roadmap on their existing obligations at COP26 to mobilize $100 billion per year from 2021 to 2025.
The statement by the BASIC comes ahead of the global climate conference COP26 slated to take place in Glasgow, UK this year in November.
Ministers emphasised the necessity for the Glasgow Climate Change
Conference to "deliver a breakthrough on financing for developing countries, noting that finance is the key enabler of enhanced ambition and climate action, particularly at a time when developing countries are facing multiple developmental challenges and the devastating impacts of the Covid-19 pandemic," said the joint statement.
The ministers also said, developed countries should provide "new and additional, sustained, predictable, adequate and timely" finance, technology development and transfer and capacity- building support to developing countries with a significant public funded component. "Such support must not exacerbate the existing debt crisis confronting many developing countries," they said.
Last week, R K Singh, Union minister for power, new and renewable energy
asked the developed world to not pressure all countries into adopting ‘Net Zero’ carbon emissions and provide carbon space to developing countries.
BASIC ministers also reiterated the same and Ministers emphasized that developing countries are meeting their climate targets within their limited means.
"Despite the devastating social and economic impacts of the Covid-19 pandemic and multiple development challenges the BASIC countries are implementing ambitious climate actions based on their national circumstances and have achieved great progress, contributing significantly to global efforts in combating climate change," said the statement.
The ministers said key outcome of COP 26 would be be to conclude negotiations on Article 6, which is an essential element to achieve progress towards predictable and at-scale adaptation finance.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.