India would need at least $ 2.5 trillion to meet its 2030 climate change targets, the Lok Sabha was informed on Friday.
“As per the country’s Nationally Determined Contribution (NDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2015, at least $ 2.5 trillion (at 2014-15 prices) will be required to meet its 2030 targets,” Minister of State for Environment Mahesh Sharma said in a written reply.
Noting that climate change efforts were embedded in various schemes of ministries, the minister said the total fund allocation for eight missions of National Action Plan on Climate Change (NAPCC) during the 12th Five Year Plan period was Rs 15,893.46 crore.
The current financial year allocation for two such schemes on climate change is Rs 141.25 crore, he said.
International funding for climate action is made available through channels under UNFCCC, primarily from the Green Climate Fund (GCF), Adaptation Fund and Global Environment Facility (GEF), Sharma informed the House.
“So far, two projects from India have been approved by GCF with an outlay of USD 134.4 million. Under the Adaptation Fund, six projects have been approved with an outlay of $ 9.8 million, out of which $ 1.62 million have been transferred.
“During 2014-18, the GEF has allocated funds to the tune of USD 59 million, through GEF agencies, to support projects related to climate change,” Sharma added.