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PM Modi: India can't overlook neglect of climate funding, urge industrialised nations to pay 1% of their GDP

In his remarks at the G20 Summit Session on 'Climate Change and Environment,' Prime Minister Modi stated that by failing to address climate justice, "we are not just committing injustice to poor countries, but we are betraying all humanity."

PM Modi India can't overlook neglect of climate funding, urge industrialised nations to pay 1 pc of GDP gcw
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New Delhi, First Published Nov 1, 2021, 10:15 AM IST
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Prime Minister Narendra Modi on Sunday stated that India could not overlook the neglect of climate funding and urged industrialised nations to set a target of paying at least 1% of their GDP for financing green initiatives in underdeveloped countries. In his remarks at the G20 Summit Session on 'Climate Change and Environment,' Prime Minister Modi stated that by failing to address climate justice, "we are not just committing injustice to poor countries, but we are betraying all humanity."

As a prominent voice of developing countries, he stated that India cannot overlook the rich world's disregard of climate funding. Pressure on developing nations for climate action, according to PM Modi, is "not fair" until tangible progress on climate funding is made. He proposed that industrialised nations aim to give at least 1% of their GDP to subsidise green initiatives in underdeveloped countries.

Also Read | Here's what G20 leaders final statement on climate stated; Details inside

PM Modi presented three actionable points to the G20 partners during the session:

  • The G20 countries should establish a "clean energy projects fund" that can be used in countries where peaking has not yet occurred.
  • They should establish a network of clean-energy research institutions in G20 countries.
  • The G20 countries should form an organisation to develop global standards in green hydrogen so that its production and use are encouraged.

India would also contribute fully to all of these initiatives, he added. PM Modi also stated that India is pushing forward with aggressive climate mitigation targets. "When we started our ambitions in Paris, many people questioned whether India would be able to generate 175 GW of renewable energy. However, India is not only exceeding these benchmarks at a quick pace, but it is also establishing new ones," added the prime minister.

Also Read | 'Frutiful G20 Summit,' says PM Modi as he leaves for Glasgow to attend COP26

In addition to its Paris obligations, India has established a target of 26 million hectares of wasteland restoration, and Indian Railways, the world's largest passenger carrier, serves an average of 8 billion people per year and has set a 'Net-Zero by 2030' aim.

According to PM Modi, the Indian Railways would save 60 million tonnes of CO2 per year due to this move. PM Modi stated that by expanding the number of Asian lions, tigers, rhinos, and dolphins, India has demonstrated that its commitment to environmental protection is not confined to the energy discussion. He maintained that India has never backed down from its mitigation responsibilities and will never do so in the future. Because of the efforts made in recent years, India is now one of the top five nations in the world regarding renewable energy capacity, he said, noting that the rest of the world recognises India's accomplishment. Noting that this is the first year of the 'Decade of Action,' PM Modi stated that it is everyone's job to ensure that the benefits of global recovery reach all nations, and he added that the role of the G20 would be critical in this.

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