Global South & MDBs: India Leads on Climate and Development Dialogue

In New Delhi, Finance Minister Nirmala Sitharaman met Prof. Nick Stern to discuss global development and climate action, focusing on strengthening Multilateral Development Banks (MDBs). The conversation highlighted India's G20 presidency, emphasizing climate finance and technology transfer to bolster development and tackle global inequalities.

Union Finance and Corporate Affairs Minister Nirmala Sitharaman engaged in a pivotal meeting in New Delhi, conferring with Professor Nick Stern of the G20 Independent Expert Group. The discussions concentrated on the pivotal roles of Multilateral Development Banks and underscored the necessity for climate finance and technology transfer to boost developing nations.

The Finance Ministry revealed through a social media update on platform 'X' that Professor Stern praised the G20 India's leadership role in elevating the voice of the Global South. Finance Minister Sitharaman highlighted that the World Bank is considering most recommendations from the G20 Independent Expert Group on strengthening MDBs, aligning with their Evolution Agenda.

Both stakeholders recognized the need for robust climate finance and technology dissemination to developing nations, integral for effective climate action. Addressing the dual challenge of fostering economic growth while mitigating climate impact, they underscored international solidarity's importance in bridging global disparities and tackling climate change, reaffirming their commitment to enhancing resilience via fortified MDBs.

(With inputs from agencies.)