FM calls for tech share, differentiated treatment for low emissions nations | Industry News

Countries that contribute less to emissions cannot be made to pay equally when it comes to covering the cost of climate action and should be treated differently, Finance Minister Nirmala Sitharaman said on Saturday.

Speaking at the Munich Security Conference, Sitharaman called for increased technology sharing to generate power more sustainably.

“We want people to be open to sharing technologies because it is for a greater purpose. India is a big economy. If it is successful, the world economy will also move in this direction,” he said.

The finance minister emphasized that India has increased its commitment towards climate action, increasing budget allocation from 3.7 per cent of GDP six years ago to around 5.6 per cent now.

“We have more than doubled growth in six years. We are investing money to achieve targets or nationally set commitments. We are not waiting for funds, technologies to come from elsewhere, but these have to come even if India cannot go beyond that,” Sitharaman added.

FM highlighted the technological challenges faced in adapting to renewable energy in many European countries; Here the grid often cannot handle the current coming from such power supplies.

He said the challenge for India is not just emissions but also building resilient communities.

“Excessive rain or drought, which India often faces, is one thing, it’s another thing where you need to tell farmers that they need to have a more resilient crop, diversify their crops and not just depend on rain.”

Sitharaman said countries like India are concerned about communities affected by climate change, their livelihoods and futures. He said the government was prioritizing urgent response to people whose lives were disrupted by climate change.

FM said India will continue to invest in renewable energy and promote carbon capture. He said India had achieved two-thirds of its climate commitment four years ahead of the committed date.