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India Emphasizes the Need for Climate Finance and Coal Usage in the Emerging World – The News Teller

Title: “COP28 Climate Summit Commences with Divided Nations; India Stresses Climate Finance and Development Rights”

Dubai — The 28th Conference of the Parties (COP28) climate summit began in Dubai amidst divergent opinions on the urgency to phase out fossil fuels and ramp up technology advancements to combat climate change. Prime Minister Narendra Modi of India has emphasized the significance of climate finance, technology assistance, and the right to pursue development for emerging economies.

Countries have been divided on the issue of prioritizing the reduction of fossil fuels, or focusing on the advancement of technologies to mitigate their climate impact. Emerging powers such as India and China argue that developed nations have been utilizing more than their fair share of carbon resources, which has resulted in the current climate crisis.

India’s Foreign Secretary, in a recent statement, asserted that coal would continue to be the country’s primary energy source for the foreseeable future. In order to meet the rising power demand, India is planning to add 17 gigawatts of coal-based power generation capacity.

One of the contentious topics at COP28 is the construction of coal-fired power stations. While India and China are against blocking the establishment of these stations, France, backed by the United States, aims to halt private financing for such projects. This disagreement highlights the contrasting priorities among nations when it comes to combating climate change.

India is advocating for a clear roadmap on climate financing at the conference. The country seeks support for a “loss-and-damage” fund that would aid countries in recovering from environmental degradation caused by climate change. This fund would provide financial assistance to nations that have been disproportionately affected by climate-related disasters.

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As the summit unfolds in Dubai, the global community awaits crucial decisions and agreements regarding climate finance, development rights, and the reduction of fossil fuel dependence. With emerging economies like India asserting their needs for support and development, the COP28 summit is poised to shape the trajectory of global climate policies and pave the way for a sustainable future.

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Thelma Binder

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