Criticising the developed countries' failure to take the lead in reducing carbon emissions, India on Wednesday said the world might face a disaster if industrial nations do not cut carbon emissions.

"We are concerned at the attempts to create a new framework, which may result in the dilution of specific and time-bound commitments on emissions reductions by developed countries," Union Science and Technology Minister Kapil Sibal said at a UN global meet on climate change at Bali.

"This should not be allowed to happen. Any such dilution would have disastrous and irreversible consequences for future generations. We must not fail their trust," he said.

Critical of the developed countries' failure to take a lead in reducing green house gas emissions, he said that the disproportionate impact of climate change will be greatly felt on the developing world given our vulnerabilities, inadequate means and limited capacities to adapt to its effects.

Pitching in for more funds to tackle the threats, Sibal said, "With estimates of adaptation costs for developing countries running into several tens of billions of US dollars, new and additional monies are required and not by re-appropriation of funds meant for development."

Sibal said India was doing its part to reduce emissions and already vowed never to produce more green house gas per capita than rich nations.

"Our per capita emission of carbon dioxide is among the lowest in the world at around one ton per annum as against the world's average of four tons. Nevertheless, we have been taking measures that inherently promote sustainable development," he said.

Enforcing the new Electricity Act that mandates the procurement of electricity from renewable sources, Energy Conservation Act, energy efficient policies and protection of forest cover through a national law are some of the steps that the country has taken to curb GHG emissions, he said.