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Sustainable Development and Climate Change 215

(at 2014-15 prices) between 2015 and 2030 for implementing adaptation actions in key areas
like agriculture, forestry, fisheries, infrastructure, water resources and ecosystems. Apart
from this, additional investments will be needed for strengthening resilience and disaster

management. Preliminary estimates provided by NDC indicates that India's climate change
actions till 2030 will require financial resource of US$ 2.5 trillion (at 2014-15 prices). It is
important to have a clearer assessment of the financial requirement for implementing India’s
NDC so that allocation of resources may be appropriate and efficient considering India’s
commitments and the fact that resources have competing uses. Hence, a careful estimation of
the cost requirements for implementing the NDC and the possible sources for meeting these
requirements is an essential pre-requisite.

6.22 Availability of adequate financial resources required to implement wide-ranging NDC
goals presents a major challenge. India has proactively pursued actions on climate change and
achieved a reduction in emission intensity of GDP by 21 per cent over the period 2005-2014
as per India's second Biennial Update Report (BUR). However, to fully implement our NDC
in a timely manner, the country requires enhanced new and additional financial resources,
technological support and capacity building. New and additional financial resources and
technological support to the developing countries was committed to by the developed countries

under the Paris Agreement and this needs to be implemented.
6.23 An integrated approach is required at the domestic and international front to get the
necessary resources essential for apposite climate action. Further, it is important to note that the
developed countries need to do much more than what they are currently committed to, achieve

climate action at an appropriate level. The present scope, scale and speed of international climate
finance is, however, insufficient as the climate finance requirements run into trillions of dollars
as against a commitment of US$ 100 billion each year by 2020 by the developed countries, a
very modest obligation but which has yet to be realized.

MULTILATERAL NEGOTIATIONS ON CLIMATE CHANGE
6.24 Since the Rio Conference and the adoption of the United Nations Framework Convention

on Climate Change (UNFCCC) in 1992, the multilateral regime on climate change has
evolved and adopted a number of agreements and decisions to strengthen the global response
to address the problem of climate change. The latest treaty - the Paris Agreement was adopted
under UNFCCC in December 2015 to enhance the implementation of the Convention. Its
central aim is to strengthen the global response to the threat of climate change by keeping
the global temperature rise this century to well below 2 degrees celsius above pre-industrial
levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees
celsius through enhanced support from developed countries to the developing countries. A
brief history of the agreements and decisions adopted from Rio Earth Summit in 1992 is
brought out in Figure 6.