13 December,2009 11:58 AM IST | | PTI
Legally binding carbon emission norms that can affect the country's development is not acceptable and rich nations must commit to deeper reductions at the Copenhagen Climate Summit, industry body CII said today.
"The outcome of the summit should be equitable and should reflect the needs of the developing nations such as India where significant number of people do not have access to energy," CII's Climate Change Council chairman Jamshyd N Godrej said.
The chamber has maintained that the country is ready to take appropriate mitigation actions nationally as specified in the National Action Plan for climate change. "However any limits that can affect our development will not be appropriate or acceptable," it said.
It said rich nations must take deeper emission reduction commitments, both in medium and long term, such as 25 per cent reduction by 2020 and 80 per cent by 2050 from the 1990-level.
For the developing countries, additional financing to support mitigation and adaptation actions is quite critical.
The developed countries must commit to necessary financial resources to be transferred to developing countries, CII said.
CII said parties should agree to significantly scale-up carbon market activity, simplify procedural requirements and reduce transaction costs to capture the true potential of carbon instruments in assisting developing countries to mitigate climate change.
"A portion of proceeds of carbon trading could be used to finance adaptation efforts in developing countries.
However, a separate global financial and institutional structure should be established that can greatly accelerate the adaptation measures in vulnerable countries," it said.
Leaders from across the world have gathered at Danish capital Copenhagen to take stock of the global warming and required actions to tackle its challenges.
Prime Minister Manmohan Singh is scheduled to address the Summit on December 18.
