Dubai: Noting that the countries in the Global South have had an immense impact of climate change on them, Prime Minister Narendra Modi said on Friday that to fulfil the aspirations of the Global South, climate finance and technology are essential.

The prime minister underlined that countries in the Global South, including India, have a smaller role to play in climate change but the impact of climate change on them is immense.

"We all know that countries in the Global South, including India, have had less of a role to play in climate change. But the impact of climate change on them is immense. Despite a lack of resources, these countries are committed to climate action," the Prime Minister said at the COP28 Presidency's session on Transforming Climate Finance today.

"In order to fulfil the aspirations of the Global South, climate finance and technology are essential," he said.

"It is the expectation of countries in the Global South that to combat climate change, the developed countries help them as much as possible. This is natural and justified," PM Modi added.

In his address, PM Modi also emphasised that India, during its G20 Presidency, also gave utmost priority to sustainable development and climate change.

"India has given utmost priority to sustainable development and climate change. We made 'One Earth, One Family, One Future' the foundation of our G20 presidency and we were successful in getting consent on several issues with collective efforts," Prime Minister Modi said.

PM Modi said that India welcomes the decision to operationalize the loss and damage fund that was adopted at the opening plenary of the COP28 Summit in Dubai yesterday.

The Loss and Damage Fund is a package where rich nations pay a damage cost to developing nations, which are more vulnerable to climate change.

Union Minister for Environment, Forest and Climate Change Bhupender Yadav said on Thursday that India strongly supports the decision to operationalize the Loss and Damage Fund.

A decision to operationalize the Loss and Damage Fund was adopted in the opening plenary of COP28.

"A positive signal of momentum from COP28 in UAE on the first day itself," the Union Environment Minister said.

Earlier today, at the opening ceremony of the High-level segment at the Conference of Parties (COP28) Summit, PM Modi said that India is among the few countries which is on course to meet Intended Nationally Determined Contribution (NDC) as part of efforts to combat climate change and proposed that the country will host COP33 in 2028.

"India is committed to UN Framework for Climate Change process. That is why, from this stage, I propose to host COP33 Summit in India in 2028," the Prime Minister said in his remarks.

He said India has presented an excellent example of the balance between ecology and economy before the world.

"Despite India being home to 17 per cent of population of the world, its contribution to Global Carbon Emissions is less than 4 per cent. India is one of those few economies of the world that is on the path to meet NDC targets," he said.

COP28 is being held from November 28-December 12 under the Presidency of the UAE in Dubai.

The World Climate Action Summit is the high-level segment of the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC).

This is PM Modi's third appearance at the World Climate Action Summit after his visits to Paris in 2015 and Glasgow in 2021.