Prime Minister Narendra Modi on Saturday emphasized 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.
Prime Minister Modi commended the developed countries for their willingness to fulfill their commitment of USD 100 billion for climate finance for the first time.
At the Copenhagen UN climate talks in 2009, developed countries 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 fulfill this commitment. The prime minister also lauded the G20’s adoption of the ‘Green Development Pact’, reaffirming its commitment to sustainable and green growth.
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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 percent.
He emphasized the need for collaboration in developing alternative blending mixes that ensure a stable energy supply while addressing climate security.
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 incentivize voluntary environmental actions undertaken by individuals, private sectors, small-scale industries, cooperatives, forestry enterprises, and farmer-produce organizations for their environmental actions.