Climate finance is increasing, but not fast enough, and more funding must reach countries that have contributed the least to the climate crisis but are doing the most to address it, a senior official at the United Nations Framework Convention on Climate Change (UNFCCC) said.

UNFCCC Executive Secretary Simon Stiell, while answering questions on adaptation finance and technology transfer in the run-up to the UN Climate Change Conference (COP31), told PTI that developed countries will have to triple adaptation funding to USD 300 billion per year by 2035, as part of a firm commitment to provide USD 1.3 trillion per year. He emphasized that all the promises should be fulfilled in full.

India had expressed concern at the UN's mid-year climate talks in Bonn, Germany, held in June, over declining climate finance, including the replenishment of climate funds, and the growing climate adaptation finance gap. The next steps include completing the deal with the new host of the Climate Technology Centre and finalising the Belém Technology Implementation Programme, Stiell said.

Stiell said he discussed India's climate action and its leadership in the field, the benefits of international cooperation on climate, and the impact of climate action on India's economy, which is already benefiting the country, during his meeting with Union Environment Minister Bhupender Yadav in Delhi. He also emphasised the need for faster flows of finance to the Global South and the importance of technology and capacity-building in ensuring a fair transition to clean energy.

India's investment in renewable energy has helped save an estimated USD 18 billion in fossil fuel import costs last year, Stiell added, highlighting that these investments have become increasingly important at a time when fossil fuel prices remain uncertain. He said that global investment in clean energy surpassed USD 2 trillion last year and that, in recent years, renewables have become the largest source of electricity globally, with batteries, green steel and e-mobility being areas where India has a competitive advantage.

From July 20 to 22, Stiell visited India, where he met various government officials, private sector leaders and civil society representatives to discuss India's clean energy transition and preparations for COP31.