Green Finance: The Backbone of Global Resilience

Union Environment Minister Bhupender Yadav underscored the pivotal role of climate finance at an industry event, describing it as a 'make-or-break issue for climate action.' He emphasized that developed nations bear a 'moral responsibility to support the global south' in transitioning to a low-carbon economy.

Addressing the FICCI-organized event, Yadav revealed India's financial needs, estimating over USD 10 trillion will be required by 2070 to reach net-zero targets. He stressed that public funding alone would not suffice, underscoring the need for private capital through transparent and accountable financial systems.

Yadav accentuated India's strategic path under Prime Minister Modi, marked by renewable energy expansion and vibrant startups. He advocated for the use of Article 6 of the Paris Agreement to enable international cooperation, leveraging high-integrity carbon markets for climate action funding, while highlighting the urgent need for mobilizing resources to avoid climate uncertainties.

(With inputs from agencies.)