FM calls for tech share, differentiated treatment for low emissions nations

Countries contributing less to the emissions cannot be made to pay equally in bearing the cost of climate action and should have a differentiated treatment, Finance Minister Nirmala Sitharaman said on Saturday. 

 

Speaking at the Munich Security Conference, Sitharaman called for increased technology sharing for generating power in a more sustainable way. 

 

“We want people to be open to sharing technologies, because it's for the larger cause. India is a large economy. If it succeeds, the world's economy also moves in that direction,” she said. 

 

The finance minister stressed that India had increased its commitment towards climate action, increasing its budget allocation from 3.7 per cent of GDP six years ago to nearly 5.6 per cent of GDP now. 

 

“We have more than doubled within a matter of six years. We put money to achieve the targets or the nationally determined commitments. We are not waiting for funds, technologies to come from elsewhere, but they should come even if India can't go beyond this,” Sitharaman added. 

 

The FM highlighted the technological challenge being faced in many European countries with respect to adaptation to renewable energy, where the grid is often unable to take a surge from such power sources. 

 

She said that 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 is fairly frequently posed with, but another where you have to tell the farmers he should have a better resilient crop, diversify his crop, not just be dependent on rain.” 

 

Sitharaman said that countries like India are worried about communities which are affected by climate change, their livelihoods, and future. She said that the government is prioritising immediate attention to people whose lives have been disrupted because of climate change. 

 

The FM said that India will continue to invest in renewable energy and incentivise carbon capture. She said that India has achieved two-thirds of the climate commitment four years ahead of the committed date.