NEW DELHI: Secretary Ministry of Environment Forest and Climate Change Leena Nandan on Saturday said that developing a global baseline to enhance transparency and investor confidence is a crucial measure in enhancing adaptation readiness.
She delivered her special remarks at a session on 'Long Term Strategy on Adaptation and Adaptation Readiness in India', organized by The Energy and Resources Institute (TERI) at the India Pavilion at COP27 on Saturday.
Underscoring the imperative need for finance for adaptation, Nandan, said, "developing a global baseline to enhance transparency and investor confidence is a crucial measure in enhancing adaptation readiness."
Noting that adaptation must be at the forefront of development interventions, Nandan said, "The institutional arrangement, the action plan and resource mobilization, all have to walk hand-in-hand and see the macro picture through the same lens."
During her address, the Secretary strongly emphasised on the need for information dissemination to strengthen communities for adaptation.
"When we talk about PPP, we need to redefine it as Pro Planet People, a clarion call given by Prime Minister," she said. "We should be able to move in the right direction in a planned and integrated manner. We are cognisant of the challenges that confront us, now is the time for action," she added.
Observing that 90 per cent of disasters are related to weather and climate change, Kamal Kishore, Member Secretary, NDMA, and Indian Co-Chair, CDRI Executive Committee, emphasized that disaster risk reduction can inform adaptation work.
Kishore observed that along with better forecast systems, a deeper engagement with the communities had been the key to disaster risk reduction.
He also emphasized the need to update risk assessments. Taking part in the discussion, Mardi McBrien, Director of Strategic Alliances, International Sustainability Standard Board (ISSB) said that the board is set out to create one global standard, a global baseline for a global standard of sustainability to develop investors' confidence and for reporting material, climate and sustainability information to capital markets.
"It will help move the money from the Global North to developing and emerging economies to help finance the mitigation and adaptation solution," McBrien added.
Noting that the extreme weather events witnessed in the past couple of years have been an eye-opener to the deadly impacts of climate change and the urgent need for adaptation, Dr Vibha Dhawan, Director General, TERI, in her welcome address, said, "When it comes to adaptation it is necessary to look into all sectors including food production."
A presentation on 'Adaptation Readiness and Long Term Strategy on Adaptation in India' was also made by TERI at the event.