India suggests insertion of key points on finance and tech transfer in the Paris draft text

NEW DELHI: Making its suggestions to the latest draft text of the Paris climate agreement, India on Monday pitched for inserting specific paragraph on the issue of finance and transfer of technology in the text.

India wants the developing countries must be provided with cutting-edge environment friendly technology free of cost where the intellectual property rights (IPRs) can be taken care of by the finance from the Green Climate Fund (GCF).

Besides India, many groups as well as countries made their suggestions to the draft text on the first day of the negotiation in Bonn on Monday.

Making its suggestion to the Article 7 of the draft text, India in its formal submission said, “In accordance with Article 4.5 of the Convention, developed country Parties shall provide financial resources to address barriers created by policies and intellectual property rights (IPRs) and facilitate access to and the deployment of technology, including, inter alia, by utilising the Financial Mechanism and/or establishing a funding window under the GCF to meet the full costs of IPRs of environmentally sound technologies , know-how and such technologies will be provided to developing country Parties, free of cost, in order to enhance their actions to address the adverse effect of climate change”.

The suggestions made by India and other countries are expected to be inserted in the draft text. Thereafter, the negotiators will start negotiating on the expanded draft text in the next four days in Bonn.

This round of negotiation is possibly the last formal meeting ahead of the Conference of Parties (COP 21) in Paris where the countries are expected to come out with a global climate deal in December.

The countries on Monday were allowed to make their suggestions by the co-chairs after they strongly objected to the draft text in its present form.

Source: Times of India