FM calls for tech share, differentiated treatment for low emissions nations | Industry News
Countries contributing less to emissions cannot be forced to pay the cost of climate action equally and should receive differential treatment, Finance Minister Nirmala Sitharaman said on Saturday.
Speaking at the Munich Security Conference, Sitharaman called for increased sharing of technologies to produce electricity more sustainably.
“We want people to be open to sharing technologies because it is for a larger cause. India is a big economy. If it succeeds, the global economy will also move in that direction,” she said.
The finance minister highlighted that India has increased its commitment to climate action, increasing its budgetary allocation from 3.7 percent of GDP six years ago to almost 5.6 percent of GDP today.
“We have more than doubled in six years. We have invested money to meet nationally determined targets or commitments. We are not expecting funds or technologies from elsewhere, but they should come even if India cannot go beyond,” Sitharaman added.
The Finance Minister highlighted the technological challenge many European countries face in adapting to renewable energy, where the grid is often unable to support the increase in these energy sources.
She said the challenge for India was not just emissions, but also building resilient communities.
“It’s one thing to have excessive rain, or drought, which India faces quite often, but another where you have to tell farmers that they should have a more resilient crop, diversify their crops, and not just rely on rain.”
Sitharaman said countries like India are concerned about the fate of communities affected by climate change, their livelihoods and their future. She said the government was paying immediate attention to people whose lives have been disrupted due to climate change.
The FM said India would continue to invest in renewable energy and encourage carbon capture. She said India had reached two-thirds of its climate commitment four years ahead of schedule.
