G-20 should adopt a balanced approach between development priorities and climate action: FM Sitharaman

The minister highlighted this during her address at the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers, as well as Central Bank Governors, during the Annual Meetings 2024 in Washington, D.C on Thursday.

Sitharaman also emphasized the need to provide developing countries with better access to financial resources and technologies at reasonable costs.

The Finance ministry in a statement on Friday said "Union Minister for Finance and Corporate Affairs FM Smt.@nsitharaman sought for a balance between developmental priorities and #ClimateAction, vis-a-vis channeling of global effort by providing greater access to financial resources and technologies for developing countries at a reasonable cost".

The Finance Minister highlighted that while climate action is essential, it should not come at the expense of the growth of developing nations.

She stressed the importance of formulating a New Collective Quantified Goal for climate finance that addresses the unique needs of developing countries without imposing restrictive conditions that hinder their growth.

Sitharaman also urged for global cooperation and an effective response to climate change, based on the principles of equity and common but differentiated responsibilities, as outlined in the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

Congratulating Brazil for its leadership in promoting collaboration on ambitious climate goals, Sitharaman reiterated India's support for the efforts initiated during its G20 presidency. She also commended the work of the Taskforce in advancing climate action and making Multilateral Development Banks (MDBs) more effective in addressing climate challenges.

FM's remarks highlight India's commitment to balancing climate action with the need for economic development, particularly for developing nations.

Sitharaman is on an official visit to the US from October 20 to 26, to participate in Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meetings, the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers, as well as the G7-Africa Ministerial Roundtable. (ANI)