CEA highlights integral link between climate, development agendas

There is an integral link between climate and development agendas, Chief Economic Advisor Anantha Nageswaran said on Friday.

Nageswaran made the statement while inaugurating a session of NITI Aayog's workshop on accessing multilateral development banks (MDBs) and global finance for development and green growth on Friday.

"Issues surrounding the global challenge of leveraging private capital for social goals were discussed," NITI Aayog said in a statement.

The deliberations focused on changing Multilateral Development Banks (MDBs) to work on broader programs instead of individual projects, the statement added.

NITI Aayog Vice-Chairman Suman Bery chaired the second session on "Implications for a Strengthened and Bigger MDB System for India", which focused on the impacts of a stronger MDB system, especially with the goal of tripling lending volume by 2030.

According to the statement, India's focus on becoming investable, especially in green hydrogen and ammonia, was highlighted.

The discussion addressed financing challenges, including the insufficient flow of money, high costs, and limited resources, it added.

Department of Economic Affairs Secretary Ajay Seth highlighted the burden of serious debt on several countries and the limited taxpayer capacity to tackle climate challenges, emphasizing India's preparedness to absorb potential funding.

The statement said, participants and speakers at this action-oriented workshop expressed their optimism about the progress and achievements to come as India and the global community forge ahead on their journey in the run-up to 2030.

NITI Aayog has organised a series of 10 thematic workshops on key agendas of G20-New Delhi Leader's Declaration (NDLD) to devise actionable strategies and plans that can be implemented to provide impetus to growth and prosperity of the country.