Noting that innovation is vital for combating climate change and ensuring climate justice, Modi also urged the world to come together in a partnership to bring clean energy within the reach of all.
"We have to ensure, in the spirit of climate justice, that the life of a few does not crowd out the opportunities for the many still on the initial steps of the development ladder. The advanced countries must leave enough room for developing countries to grow. We must strive for a lighter carbon footprint on our growth path," Modi said at the Innovation Summit on the sidelines of the Conference of Parties (COP 21) which kicked off here today.
"For that we must come together in a partnership to bring clean energy within the reach of all. Innovation is vital for combating climate change and ensuring climate justice. We need research and innovation to make renewable energy much cheaper, more reliable and easier to connect to transmission grids," he said.
Noting that there is a need to make conventional energy cleaner while developing newer sources of renewable energy, Modi said this is a global responsibility for the collective future.
"Our innovation initiative should be driven by public purpose, not just market incentives, including on intellectual property. That also means strong public commitment by suppliers to developing countries," Modi said.
"That will make clean energy technology available, accessible and affordable for all. This partnership will combine the responsibility of governments with the innovative capacity of the private sector. We will double our investments in research and innovation and deepen collaboration among ourselves," he said.
Modi observed that there should be an international network of 30-40 universities and labs focusing for next ten years on renewable energy and said innovation must be backed by means to make it affordable and ensure adoption.
"We have very successful models of public-private partnership with many countries present here. India is also building renewable capacity in developing countries, including small island states," he said.
"The progress on clean energy technology and costs is impressive. If we raise the level of our efforts, we can transform the world. We will also lay the foundation of a new economy in new low carbon age," Modi asserted.
"We will restore the balance between ecology and economy, and between our inheritance and obligation to the future. And, live up to Gandhiji's call to care for the world we shall not see," he added.
Modi highlighted that a vast section of humanity lives at the edge of poverty and in darkness after the sun sets and they need energy to light up their homes and power their future.
"They are also the most vulnerable to the consequences of an industrial age powered by fossil fuel. Access to energy and a better life is a universal aspiration. So are clean environment and healthy habitats. As the world's majority works its way to prosperity on a planet left with very limited carbon space, we have to do many things," he said.
Earlier, Modi and Obama met as part of "Mission Innovation" which was announced by the US earlier.
It is an initiative to dramatically accelerate public and private global clean energy innovation to address global climate change, provide affordable clean energy to consumers, including in the developing world, and create additional commercial opportunities in clean energy.
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