New Delhi, Dec 3 Countries in the Global South must work together to fight climate change, as they are at significant risk even after contributing relatively less to global greenhouse gas emissions, said Amitabh Kant, G20 Sherpa of India, on Tuesday.
He was speaking at the GreenReturns Summit 2024, organised by the Indian Venture and Alternate Capital Association (IVCA).
Kant shared his insights on India’s pivotal role in accelerating global climate action, emphasising the essential link between sustainable investments and economic growth.
“With developed nations occupying 82 per cent of the world’s carbon space, the Global South faces the brunt of climate change, which threatens to push 100 million people into poverty,” Kant said.
He also highlighted the country’s unique perspective on the nation’s G20 presidency and steps taken on climate action and climate financing.
Kant noted that India “shifted the conversation from billions to trillions” during the country’s G20 presidency in 2023, where it also initiated steps to tackle the challenges of environment and climate change.
He said that the country significantly expanded renewable energy initiatives and advocated for a Green Development Pact.
The Green Development Pact -- a commitment by the G20 leaders to address environmental issues and achieve sustainable development. It was adopted at the G20 Leaders Summit in New Delhi, last year.
“The Global South must work together, as India depicted during its G20 presidency. It demonstrated that when the Global South speaks with one voice and one language, you get results on climate action,” added the former NITI Aayog CEO.
Further, Kant drew attention to the urgent need to align private investments with public policy to close the $3.5 trillion financing gap by 2030, which is essential for India to meet its climate goals.
The climate finance gap is the difference between the amount of money needed to adapt to climate change, and what is actually available. It is estimated at $3.5 trillion.
“It's important to understand the significance of the Global South. As per the IMF, the world is projected to grow by 3.2 per cent this year, with developed nations growing at 1.8 per cent and emerging economies of the Global South at 4.4 per cent.
“For the next three decades, the IMF predicts higher growth for the emerging markets. Thus, our institutions need to be redesigned to factor in the challenge of climate action and take into account our Global South. The Global North needs us to grow,” Kant said.
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