This amount is part of the UN-backed fund of $1 billion sanctioned to developing nations to address climate change concerns.
The Green Climate Fund (GCF) board has approved $43.4 million for India to take up projects that will combat the harsh effects of climate change on its coastal regions. This fund has come at a time when the country is battling an alarming rate of carbon emissions.
GCF granted the UN-backed funds during its 21st meeting held in Bahrain’s capital Manama and is meant for taking climate action for millions of people situated in India’s coastal communities. The beneficiary states include Andhra Pradesh, Maharashtra, and Odisha, Business World reports.
Launched in 2010 by the United Nations Framework Convention on Climate Change (UNFCCC), the GCF was established to aid developing nations respond to climate change. The amount sanctioned for India is part of the $1 billion approved for 19 new projects in developing nations to tackle the impact of climate change.
India is touted to be the world’s third largest greenhouse gas emitter. The country noted 2016 as its worst year, with carbon emission rising by 4.7 percent from 2015, Hindustan Times reports.
The project will be backed by the United Nations Development Programme (UNDP). Francine Pickup, Director at UNDP India, said,
In addition to helping communities establish more climate-resilient livelihoods, this multi-dimensional project will contribute to global efforts to reduce greenhouse gas emissions - over 3.5 million tonnes of CO2 will be absorbed through restored ecosystems.
It will also have considerable long-term environmental benefits including healthier ecosystems, better biodiversity conservation and improved buffering against climate change-driven extreme weather.
The funds have come at a time when India announced its goals in the Paris Agreement and its very own 2030 Agenda for Sustainable Development.
The Indian government will also facilitate $86.8 million towards the new project. Meanwhile, the financial assistance will accelerate the overall impact of GCF Fund grant.
India’s 2030 Agenda is focused on protecting life on land and below water. Further development of the project will restore and conserve over 15,000 hectares of mangroves, coral reefs, seagrasses, and saltmarshes.
Over the years, the mangrove cover on the Indian coastline has decreased by 50 percent in a few areas due to the uninterrupted human activities.
Apart from the official support, communities and local youth will be trained to work with scientists to study the ecosystem health and coastal ecology as per the UNDP statement.
The Indian coastline is subjected to the dire impact of climate change as the Bay of Bengal and the Arabian Sea are already facing the impact of climate variability. Increase in the serious cyclones and extreme weathers specifically on the eastern coastline have also been predicted.
The rise of global mean temperature by two degree celsius has made Indian monsoons highly unpredictable, a World Bank report states.