Jayant Sinha, Chair, Parliamentary Standing Committee on Finance and Member of Parliament, India, analysed how the Indian G20 Presidency can help with issues related to climate change and climate finance. In his spotlight address at the Think20 India Inception Conference, he argued that while the world was engulfed in several crises, climate action also demanded equal urgency and attention. After all, climate action incorporates and embodies the different crises that we are facing today. He added, “The brain trust of the G20 is going to guide us in a way to tackle climate action and engage with a set of issues associated with climate change in order to guide the policymakers on what they believe is the right way to move forward on the issues of climate change”.
Mr Sinha highlighted that net zero is net positive for all and “it is a win for the planet if we decarbonise, and a win for the Global South and the Global North if we can get the trajectory to reduce global warming issues.” He insisted on the need for the private sector to double up their investments if India aims to achieve net zero and decarbonise by 2070.
What does the Global South require to tackle climate change? He identified that US$ 2-2.5 trillion per year for mitigation is required, and this does not include adaptation and resilience. The scale for climate finance is extraordinary and the capability between the Global South and the Global North will not be able to bridge the gap between the capital that’s available in Global North and fulfilling the financing requirements from the Global South. The future of the Global South financial system needs to be strengthened to bridge the climate financing gap.
Jayant Sinha also highlighted that the global climate alliance will build on the Paris agreement to achieve net zero, decarbonise, and bridge the gap between climate financing by the year 2050. Concluding his spotlight address, he articulated that it will be very difficult for the Global South countries to unlock the funds without the support of the Global North. He added that the G20 Presidency aims to focus on climate action for accelerated growth and with the help of the Think20, the grouping will certainly come up with new initiatives to tackle climate change.
Watch the full address here.
This report has been compiled by Sarah Sawhney, Research Assistant, ORF.
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