Developing Nations Need $5 Trillion for Climate Goals: Bhupender Yadav

New Delhi, Sep 17 (PTI) Union Environment Minister Bhupender Yadav on Tuesday said developing countries need more than USD five trillion to meet their climate goals by 2030, and the USD 100 billion promised earlier by developed nations is "too small" an amount.

Addressing the 19th Sustainability Summit organised by the Confederation of Indian Industry (CII), Yadav said that developed countries, which are historically responsible for most greenhouse gas emissions and appropriating a large share of the global carbon budget, had pledged USD 100 billion and technology transfer to help developing nations combat climate change.

"But they failed on both fronts... Now, developing countries need more than USD five trillion. USD 100 billion is too small an amount," he said.

He added that if poorer nations, such as Ethiopia, were to adopt the consumption patterns of developed countries, humanity would need the resources of seven Earths to meet the global demands.

Yadav also said the consumption patterns in India align with those in African nations due to their sustainable lifestyles.

He said that developing countries require energy for development to ensure a dignified life for their citizens.

Financial support for middle-income and poor nations to combat climate change will be the central issue at the upcoming UN climate conference in Baku, where countries must finalise the New Collective Quantified Goal (NCQG) -- the new target amount that developed nations are required to mobilise annually, starting in 2025, to support climate action in developing countries.