G20 Summit 2023: PM Narendra Modi Calls for Global Cooperation To Combat Climate Change, Green Finance at G20 Leaders’ Summit’s First Session
"Keeping in mind the challenge of climate change, energy transition is a significant need of the 21st century world. Trillions of dollars are required for an inclusive energy transition. Naturally, developed countries play a very crucial role in this," he said.
New Delhi, September 9: Prime Minister Narendra Modi on Saturday emphasised the pressing need for global cooperation to combat climate change and fund the transition to sustainable energy systems. Speaking at the G20 Leaders' Summit's first session, Modi underscored the monumental financial requirements for an inclusive energy transition in the 21st century world to tackle climate change.
"Keeping in mind the challenge of climate change, energy transition is a significant need of the 21st century world. Trillions of dollars are required for an inclusive energy transition. Naturally, developed countries play a very crucial role in this," he said. G20 Summit 2023: PM Narendra Modi Launches Global Biofuels Alliance, 19 Countries Stand With India As Initiating Members (Watch Video).
Prime Minister Modi commended the developed countries for their willingness to fulfil their commitment of USD 100 billion for climate finance for the first time. At the Copenhagen UN climate talks in 2009, developed countries had committed to providing USD 100 billion per year by 2020 to support developing countries in combating climate change. However, the wealthier nations failed repeatedly to fulfil this commitment.
The prime minister also lauded the G20's adoption of the 'Green Development Pact', reaffirming its commitment to sustainable and green growth. Modi also announced the launch of the Global Biofuel Alliance and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 per cent. He emphasised the need for collaboration in developing alternative blending mixes that ensure a stable energy supply while addressing climate security. G20 Summit 2023: PM Narendra Modi Announces Adoption of New Delhi G20 Leaders Summit Declaration (Watch Video).
Highlighting that discussions on carbon credits have been going on for decades with a predominantly negative perspective, Prime Minister Modi proposed a shift towards a more positive approach known as "Green Credit". He urged G20 countries to initiate work on a 'Green Credit Initiative' to promote positive environmental efforts and encourage constructive initiatives.
India has for itself designed a "Green Credits Programme" to incentivise voluntary environmental actions undertaken by individuals, private sectors, small-scale industries, cooperatives, forestry enterprises and farmer-produce organisations for their environmental actions.