Bhupender Yadav | Accelerating low carbon transition across different economic sectors is need of the hour

Union Minister of Environment, Forest and Climate Change, Shri Bhupender Yadav attended the Ministerial Roundtable for Green Economy at the World Green Economy Summit at the World Trade Center in Dubai, UAE today. While speaking at the Roundtable, Union Minister stressed the importance of addressing environmental and climate objectives alongside economic development and further stated that accelerating low carbon transition across different economic sectors is the need of the hour.

The Minister outlined achievements under various policies as well as partnerships steered by India under the dynamic leadership of Prime Minister Shri Narendra Modi. He mentioned global initiatives like International Solar Alliance and other initiatives for strengthening the green economy across key sectors like energy, industry, transportation, agriculture, and forestry. He further mentioned about the measures taken by India on sustainable finance such as sovereign green bonds, blended finance as well as setting up the GIFT city and the ISA-Solar Risk Mitigation Initiative.

The Union Environment Minister stated that India is the first country with a cooling action plan based on energy efficiency and thermal comfort, and has launched important initiatives including UJALA Yojana and schemes for industrial energy efficiency. India’s ambitious renewable energy progress was also mentioned.

On climate finance, Shri Yadav stated that Glasgow Financial Alliance for Net Zero estimates a requirement of USD 100 trillion of finance for global net zero by 2050. But, Developed countries have failed even in mobilizing the amount of USD 100 billion per annum by 2020, and India’s NDCs are thus largely financed by domestic investment.

After the Roundtable, The Union Minister also had a bilateral meeting with H.E Dr. ­Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade. In the meeting, they discussed issues relating to COP 27, COP 28, MoU on Climate Actions between India and UAE, and global initiatives spearheaded by UAE and India for combating climate change.