NITI Aayog recently concluded a 2-day G20 policy workshop on ‘A Green and Sustainable Growth Agenda for the Global Economy’ in New Delhi.
The workshop aimed to discuss the prospects and challenges of achieving green and sustainable growth worldwide, aligning with India’s vision of becoming Viksit Bharat (Developed India) by 2047, read NITI Aayog press release. The Vice-Chairman of NITI Aayog, Suman Bery, emphasized that the goal of achieving a green transition is closely linked to the larger objective of inclusive development, as envisioned by the Prime Minister’s mantra of “Sabka Sath, Sabka Vikas”.
During the workshop, the G20 Sherpa, Amitabh Kant, highlighted the need for an investment of approximately 5 to 6 trillion dollars to achieve the Sustainable Development Goals (SDGs) and take climate action.
He also noted that such an investment would create business opportunities worth around 90 trillion dollars, added the release.
Amitabh Kant pointed out that there are substantial funds available globally for investment, totalling around 350 trillion dollars, with 150 trillion dollars aligned with Institutional Funds. He proposed the establishment of a Global Project Accelerator Fund to de-risk projects.
India’s role in green growth and sustainable development was highlighted during the workshop, especially in the context of achieving the Net Zero target by 2070, a commitment made by Prime Minister Narendra Modi at the COP26 Glasgow Summit.
Kant expressed confidence that India would play a significant role in this endeavour and mentioned that India’s presidency of the G20 is ambitious and action-oriented, with many ministerial meetings finalizing outcome documents.
CEO of NITI Aayog, BVR Subrahmanyam, stressed the organization’s role in creating ecosystems that facilitate the adoption of frontier technologies.
He cited the success of NITI Aayog’s efforts in transforming the electric vehicle space as an example.
He emphasized the role of states in implementing green energy projects and assured that NITI Aayog would provide necessary support to the states in this regard.
The workshop, organized by NITI Aayog in collaboration with the International Development Research Centre (IDRC) and the Global Development Network (GDN), covered various themes such as energy, climate, growth, technology, policy, jobs, multilateralism, and reshaping global finance for sustainable growth, said the release.
Over 40 global experts from diverse fields participated in the discussions.
Several important suggestions were generated during the workshop for the G20, including sustainable and transparent debt management, stronger financial safety measures, fair assessment of emerging nations by credit rating agencies, increased efforts in green financing, and leveraging digital public infrastructure to foster a green economy.
Transformative reforms of multilateral development banks, an overhaul of the WTO, and representation of the Global South within the G20 were also among the proposals put forth during the event.