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Green Climate Fund needs to gain momentum to address climate change concerns
The momentum of economic development globally has led to disturbing inequities that are now beginning to threaten the environmental balance in the world, Ashok Lavasa, Secretary, Ministry of Environment, Forests and Climate Change said at the CII annual Climate Change Conclave, in New Delhi.

Striking a cautious note he said that one such initiative, the Green Climate Fund, has still to gain traction despite commitments by developed countries.

Speaking to industry leaders and experts in the climate change space, Secretary Lavasa said that there was an urgent need to address the inequity issue and this requires huge resource deployment.

"The Green Climate Fund which was set up has not witnessed much traction with only about $10 billion in the pool vis-a-vis a commitment of $100 billion annually. This support is critical to address climate change," he said at the third annual Climate Change Conclave: 'Strategic and Policy Initiatives and the Way Forward'

According to a CII statement, emphasizing the need to raise financial resources, he said, "The requirement of resources is of the order of several billions of dollars. While a combination of budgetary resources, market friendly schemes and promoters' own resources are being utilized, it is also critical to raise resources globally. This is important if developing and least developing countries are to achieve their development goals."

Speaking on the growing need of resources Lavasa said; "According to the recent findings of the Intergovernmental Expert Group under the United Nations, "Almost $66 billion of financial resources are required annually in case development has to take place and inequities minimized. Similarly for infrastructure an estimated $8-10 trillion are needed annually if deficiencies are to be bridged."

Looking at national interest beyond the global negotiations, Dr Ashok Khosla, Chairman, Development Alternatives, said, "To attain a sustainable growth decoupling is the only answer where with the growth in GDP the use of resources decline. Though there have been indications that there has been some degree of relative decoupling but what we need is absolute decoupling. While a developing country like India can look at undertaking relative decoupling but it is critical for industrialized countries to find ways to absolute decoupling and resource use decline in absolute terms. Since business as usual is not possible, there is a need for structural transformation with innovation in technology & institution and change in human behavior."

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