New Delhi: The Indian Finance Minister, Nirmala Sitharaman, has advocated for a harmonious integration of development priorities with climate action.
During her speech at the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers, alongside Central Bank Governors, during the Annual Meetings 2024 in Washington, D.C., on Thursday, Sitharaman underscored the importance of striking a balance between these two critical areas.
She further emphasized the necessity of ensuring that developing nations have enhanced access to financial resources and technologies at affordable costs.
In a statement issued on Friday, the Finance Ministry articulated, "Union Minister for Finance and Corporate Affairs FM Smt.@nsitharaman has called for a balanced approach between developmental priorities and #ClimateAction, emphasizing the need to provide developing countries with better access to financial resources and technologies at reasonable costs."
The Finance Minister highlighted the criticality of climate action, yet cautioned against compromising the development aspirations of developing nations in pursuit of it.
She stressed the imperative of establishing a New Collective Quantified Goal for climate finance that caters to the distinct needs of developing countries, while avoiding conditions that could impede their growth.
Sitharaman also called for global collaboration and an effective strategy to combat climate change, grounded in the principles of equity and differentiated responsibilities, as delineated by the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
In recognition of Brazil's leadership in fostering ambitious climate goals, Sitharaman expressed India's support for the initiatives undertaken during its G20 presidency. She also lauded the Taskforce's efforts in advancing climate action and enhancing the effectiveness of Multilateral Development Banks (MDBs) in addressing climate challenges.
The remarks made by the Finance Minister underscore India's commitment to maintaining a balance between climate action and the imperative of economic development, especially for developing nations.
