Wealthy nations must commit more than $100 billion for climate fight, says India

Ahead of a UN Climate Change Conference (COP26), India's chief economic adviser on Thursday said that rich nations need to commit much more than $100 billion to help poor countries fight climate change due to their high historical share of emissions.

As the world prepares for COP26, wealthy nations are under ever-greater pressure to deliver on an unmet pledge, made in 2009, to send $100 billion a year to help finance an adequate response by developing countries to rising global temperatures.

"This $100 billion that the advanced economies are talking about actually for innovation in climate finance, you know, it's a drop in the ocean," KV Subramanian was quoted as saying by Reuters.

"I think their commitment needs to be much greater."

He said, even though India has not yet committed to a net-zero emission target year, Asia's third largest economy will keep adding renewables to its energy mix and push industries to see the benefit of using cleaner fuels.

The government was creating incentives for firms to pursue cleaner energy, without which net zero is just "talk without actually the actions happening", Subramanian said as quoted by Reuters.