Sitharaman Advocates Balanced Climate and Development Strategy at G20 Summit

Finance Minister Nirmala Sitharaman urged for a balanced approach between development and climate action at the G20 summit. She emphasized better financial access and technology for developing countries, stressing that climate goals should not hinder their growth. The minister also called for global cooperation based on equity and differentiated responsibilities.

During the recent G20 meetings in Washington, D.C., Finance Minister Nirmala Sitharaman emphasized the need for a balanced approach between development priorities and climate action. Her address to finance, climate, and environment ministers highlighted the importance of aligning global efforts with the developmental needs of emerging economies.

Sitharaman called for enhanced access to financial resources and technologies for developing nations, pointing out that these should be provided at reasonable costs. Stressing the significance of climate action, she maintained that it should not impede the growth trajectories of developing countries. The minister proposed a New Collective Quantified Goal for climate finance to address these concerns.

Urging for international cooperation, Sitharaman underscored the principles of equity and common but differentiated responsibilities as per the UNFCCC and the Paris Agreement. She praised Brazil's leadership in climate collaboration and reaffirmed India's commitment to initiatives from its G20 presidency. Sitharaman's visit to the U.S. continues with IMF and World Bank annual meetings and other international dialogues.

(With inputs from agencies.)