Minister of state for environment Singh underlines need for increase in adaptation finance to meet climate action needs

Expressing concern over a lack of adaptation finance, minister of state for environment, forest and climate change (MoEFCC) Kirti Vardhan Singh stressed on an increase in international finance—public, grant-based and concessional—to accelerate climate action.

“Adaptation finance remains a major challenge. With limited private sector investment, the annual funding gap runs into hundreds of billions. The UNEP Adaptation Gap Report 2024 also highlights that financing is not keeping pace with needs, delaying adaptation efforts,” the minister said while presiding over the inaugural session of the conference titled ‘India 2047: Building a Climate Resilient Future.’ UNEP is the United Nations Environment Programme.

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UNEP’s Adaptation Gap Report 2024 calls on nations to dramatically increase efforts to adapt to climate change, starting with a commitment to act ambitiously on adaptation finance.

Adaptation finance means finance needed for actions that can help communities reduce the risks from climate hazards, and the “adaptation finance gap” is the difference between the financial costs of adapting to climate change in developing countries and the amount of money actually available to meet these costs.

The minister stressed that to accelerate climate action, enhanced international finance—public, grant-based, and concessional—is crucial, aligning with UNFCCC (UN Framework Convention on Climate Change) principles of equity and differentiated responsibilities.

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Singh further said that financial resources must be significantly scaled up to meet the needs of vulnerable communities and ensure effective adaptation measures. He underscored the need for innovative financing mechanisms, including blended finance, risk-sharing frameworks, and greater private sector engagement, to complement public finance in driving adaptation efforts. 

Additionally, the minister pointed out that adaptation investments must directly benefit those on the frontlines of climate change such as farmers, small businesses, and coastal communities. He stated that by strengthening financial instruments such as green bonds, climate-resilient infrastructure funds and concessional financing, India aims to create a sustainable and equitable climate finance ecosystem.

Stressing on the critical need for stronger adaptation measures across all sectors, Singh stated, “India has consistently led climate advocacy for the Global South, ensuring that international climate policies are fair and inclusive. As we move forward, it is crucial to scale up adaptation efforts and ensure that the most vulnerable communities have access to the resources and technologies they need to build resilience.”

While India has made significant strides in mitigation through ambitious renewable energy goals and emission intensity reduction commitments, he emphasized that adaptation and resilience remain essential to safeguarding livelihoods, ecosystems, and infrastructure from the impacts of climate change.

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According to him, India’s emission intensity (carbon emissions per unit of GDP) fell by 36% between 2005 and 2020, keeping the country on track to meet its target of a 45% reduction by 2030.

Also, non-fossil fuel sources now contribute 47.1% to India’s total installed electricity generation capacity—making 50% clean energy goal by 2030 an achievable reality.