Everyday we are reminded about the potential climate catastrophe waiting to devastate the living planet through a plethora of reports, research results, and events. According to experts, this is a result of unimpeded exploitation of natural resources to meet the economic imperatives of different countries in their efforts towards development. This model for development has given rise to an unsustainable mode of economic growth leading to the growth of GHG (greenhouse gas) concentration in the atmosphere. To tackle this overarching problem and to avoid the looming catastrophe, the UN Summit on Environment at Stockholm has urged the countries of the world to undertake enhanced cooperative actions through technology and financial support. The result of such an effort has been espoused in the framework of UNFCCC (United Nations Framework Convention on Climate Change), which came into force in 1992. The countries have come forward towards developing a paradigm that ‘recognised the unique overriding objectives of poverty eradication and rapid economic growth of newly independent and post-colonial developing countries’. Under the convention, as part of the equitable sharing of the burden, the developed and industrialized countries are obliged with technology and financial support either directly as per the provisions of UNFCCC or through other relevant multilateral agreements.