Finance Minister Nirmala Sitharaman Advocates Balance Between Development and Climate Action
New Delhi, October 25: Finance Minister Nirmala Sitharaman emphasized the need for a balanced approach between development priorities and climate action during the G20 Joint Meeting in Washington, D.C. She highlighted the importance of providing developing countries with better access to financial resources and technologies at reasonable costs.
In her address, Sitharaman stressed that climate action should not hinder the growth of developing nations. She called for a New Collective Quantified Goal for climate finance that considers the unique needs of these countries without imposing restrictive conditions.
The Finance Minister urged for global cooperation based on equity and common but differentiated responsibilities, as outlined in the UNFCCC and the Paris Agreement. She congratulated Brazil for its leadership in promoting ambitious climate goals and reiterated India’s support for these efforts.
Sitharaman also commended the Taskforce’s work in advancing climate action and enhancing the effectiveness of Multilateral Development Banks in addressing climate challenges. Her remarks underscore India’s commitment to balancing climate action with economic development, especially for developing nations.
Sitharaman is on an official visit to the US from October 20 to 26, participating in various international meetings, including the IMF and World Bank Annual Meetings and the G20 Finance Ministers and Central Bank Governors Meetings.
Doubts Revealed
Finance Minister -: The Finance Minister is a government official in charge of managing a country’s money matters, like taxes and budgets. In India, Nirmala Sitharaman is the current Finance Minister.
G20 Meeting -: The G20 is a group of 20 major economies, including India, that meet to discuss global financial and economic issues. The meeting mentioned here took place in Washington, D.C.
Climate Action -: Climate action refers to efforts made to reduce the impact of climate change, like reducing pollution and using clean energy. It’s important to protect our planet for future generations.
Developing Countries -: Developing countries are nations that are still growing their economies and improving living conditions for their people. They often need more help and resources to develop further.
Climate Finance -: Climate finance is money provided to help countries deal with climate change. It can be used for projects like building wind farms or protecting forests.
Equity -: Equity means fairness and justice. In this context, it means making sure all countries, rich or poor, are treated fairly when dealing with climate change.
Common but Differentiated Responsibilities -: This is a principle that recognizes that while all countries should work to protect the environment, not all have the same resources or capabilities. Richer countries might do more to help than poorer ones.
