Union Finance Minister Nirmala Sitharaman stressed upon a balanced approach between development priorities and climate action during her address at the G20 meet.

The Finance ministry in a statement on Friday said “Union Minister for Finance and Corporate Affairs FM Smt.@nsitharaman sought for a balance between developmental priorities and #ClimateAction, vis-a-vis channeling of global effort by providing greater access to financial resources and technologies for developing countries at a reasonable cost”.

The minister was speaking during her address at the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers, as well as Central Bank Governors, during the Annual Meetings 2024 in Washington, D.C.

Sitharaman said while climate action is essential, it should not come at the expense of the growth of developing nations.

She stressed the importance of formulating a New Collective Quantified Goal for climate finance that addresses the unique needs of developing countries without imposing restrictive conditions that hinder their growth.

She further urged for global cooperation and an effective response to climate change, based on the principles of equity and common but differentiated responsibilities, as outlined in the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

The minister congratulated Brazil for its leadership in promoting collaboration on ambitious climate goals.

She reiterated India’s support for the efforts initiated during its G20 presidency, and also commended the work of the Taskforce in advancing climate action and making Multilateral Development Banks (MDBs) more effective in addressing climate challenges.

On Wednesday, Sitharaman met World Bank President Ajay Banga on the sidelines of the World Bank and International Monetary Fund (IMF) Annual Meetings 2024, in Washington, DC.

Both sides discussed issues related to private capital participation in Global Public Goods, Energy security, and Multilateral Development Banks (MDBs) reforms.

On her US visit, she will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable.