India joins UK, Aus to help poor nations combat climate change

Joining a select group of countries, India today said it will provide $2.5 million for the vulnerable nations in the Commonwealth to help them introduce clean energy and reduce green-house gas emissions.

The announcement was made on the second day of the biennial summit of the Commonwealth whose membership includes powerful countries like Britain, Australia, Canada, Singapore and small island nations such the Maldives, Tonga and Nauru.

External Affairs Minister Sushma Swaraj represented India at the summit which was attended by heads of state and government of around 30 countries.

A number of countries including Canada, Britain and Australia have pledged nearly $2.5 billion to help the poor countries fight global warming.

Maltese Prime Minister Joseph Muscat unveiled a $1 billion Commonwealth Green Finance Facility to support environmental projects in the poor countries of the bloc.

Separately, the UK has committed 21 million pounds for disaster management and 5.5 million pound for the ocean-based economy. Australia has committed $1 million for a new Commonwealth idea — a Climate Finance Access Hub.

Canada has pledged $2 billion assistance to help poor countries limiting green-house gas emission.

The fund will seek to stimulate lending by major banks to smaller banks in member states and reduce risk. Financial investment will be sought from member countries and other parties that have expressed an interest in participating.

The first phase of the fund will run over three years followed by a review.