Thread by @tjayaraman

SPEAKING OUT ON CLIMATE FINANCE.
Thanks to @TheIndiaForum. One of the fallouts of the coal "tamasha" at the closing plenary was to divert attention from the developed country failure on climate finance and loss and damage assistance. @moefcc @3rdworldnetwork @JMauskar 1/n

https://twitter.com/TheIndiaForum/status/1466303412979466244

Deliberate, at least in part. @AlokSharma_RDG saying that the world will call India to account is a bit rich. By COP27 the South will be calling the developed world to account yet again -- louder at Sharm-el-Sheikh than at Glasgow!! 2/n

I underline the unprecedented COP decision that "notes with deep regret" the failure to mobilise the promised USD 100 billion. Failure on loss and damage finance. Obdurate and recalcitrant attitude of developed countries on finance called out. 3/n

I point out that asking for climate finance from public sources is not for "ideological" reasons as opposed to pragmatism. Private equity seeks profit and is not answerable to needs. De-risking simply means ensuring that private sector gets its returns. 4/n

Private climate finance will inaugurate a new cycle of "green" debt. How is that any advance? I clarify the persistent (and deliberate?) confusion among some that India's call for USD 1 trillion was a demand for India. It was not, as is obvious from the record. 5/n

This is not to take away from some hard fought battles that developing countries, including India, won at COP26. Among these: A structured work programme on the New Collective Quantified Goal, that will come back with recommendations by 2024. 6/n

The Standing Committee on Finance will also work towards "definitions" of climate finance. An important fight here that will continue. 7/n

Keeping the long-term finance issue under the Convention on the agenda till the year 2027, while developed countries wanted to terminate it at COP26. Call to double adaptation funding above 2019 levels by 2025 -- meagre but some acknowledgement. 8/n

The basic fault lines though remain. The battle will continue because the current equilibrium is unsustainable. It neither provides the means of implementation to the Global South nor are the developed countries on track to doing anywhere near enough. See you at COP27!! 9/n

@n_thanki @chilledasad100 @bforboseman @nit_set @harjeet11 @KanitkarT @KevinClimate @Peters_Glen @CANIntl @meenaraman3 @MadhuraFAS @ramakumarr @nramind @DRaghunandan