India asks G20 for $100 billion a year green climate fund by 2020

Antalya: Pledging to quadruple India's renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies, Prime Minister Narendra Modi on Sunday asked world's top economies to ensure reaching the target of $100 billion a year green climate fund by 2020. He also pushed ahead his proposal for forming an alliance of solar-rich countries at the upcoming Climate Summit in Paris and said G20 countries must build support systems focused on nations with maximum growth potential.

In his lead intervention at G20 Working Lunch on Development and Climate Change, he offered seven points for consideration which include shift from 'carbon credit' to 'green credit' and increase in share of traffic on public transport in cities by 30 per cent by 2030. "I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies," he said, adding that the grouping of world's top 20 economies including US and China must continue to focus on infrastructure.

Clean energy and environment friendly infrastructure, he said, will address both development and climate change. "Bridging the current gap in infrastructure finance in the developing countries should remain our key priority, he said, while adding that G20 can play an effective role in supporting the multilateral goals of increasing research and development to develop affordable renewable energy.

"We should also ensure that finance and technology is available to meet the universal global aspiration for clean energy. We must meet the target of USD 100 billion goal per year by 2020." The industrialised nations had earlier committed to long term financing support in form of a green climate fund worth USD 100 billion a year to support concrete mitigation actions by the developing countries.

"When we speak of targets, we must not only reduce the use of fossil fuel, but also moderate our life style. Development in harmony with nature is the goal of my proposal to launch, along with the French President Francois Hollande, an alliance of solar-rich countries at the time of COP-21 meeting (in Paris later this month)," Modi said.