Washington: Finance Minister Nirmala Sitharaman has said that climate financing continues to be an area of worry as she flagged India's concerns over funding mechanism and technology transfer.
Her remarks came ahead of the upcoming COP26 Summit to be held at Glasgow in the United Kingdom. Leaders of nearly 200 countries, including India, will gather at the high-level summit on climate change, scheduled to be held from October 31 to November 12, to discuss the way forward to tackle climate action and submit their updated targets.
Sitharaman said it is unclear how the $100 billion per year commitment given in the wake of COP21 has been extended.
"From my side, of course, one of the issues that I did raise and it is also something which many people do take cognisance of, is we actually don't know if there were any measures given to measure if money spent on a particular project by somebody will be part of that $100 billion," Sitharaman said after the conclusion of her meetings at the IMF and the World Bank here on Friday.
"So, what constitutes $100 billion? How do we measure if actually $100 billion has been given or only some of them has been given? So, not just that $100 billion per year is coming or not but how do we measure that it is indeed coming or not, is also one of the issues," she said. Sitharaman said several participants, both in the IMF and World Bank meetings, highlighted this particular issue.