The BASIC group of countries including India, China, South Africa and Brazil have held a ministerial level meeting on Climate Change at Chennai in southern India's Tamil Nadu. The group would like to see at least 30 billion US dollars being set aside for the Green Climate Fund, to enable developing countries to battle climate change and related initiatives.
They have also agreed to multiple sources of funding such as private, public and innovative.
The Green Climate Fund was set up during the annual climate change negotiations at Durban in 2011, but funding from developed countries have been scarce.
India’s Environment Minister Jayanthi Natrajan has urged developed countries to shell out more and join hands with developing countries to gather funds.
Natrajan said, "It is not possible for developing countries for least developed countries, for countries to battle climate change unless there is adequate funding. So finance in the short and long terms becomes extremely important and capitalization of the Green Climate Fund is something that assumes a very important role. Therefore there should be a very clear roadmap on how finance is going to be increased in the short term and in the long term."
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