In Delhi. On July 30, the NITI Aayog wrapped up a two-day G20 policy workshop in New Delhi on “A Green and Sustainable Growth Agenda for the Global Economy.”
According to a press release from NITI Aayog, the workshop’s goal was to address the opportunities and difficulties associated with attaining green and sustainable development globally, in line with India’s goal of becoming Viksit Bharat (Developed India) by 2047. Suman Bery, the vice-chairman of NITI Aayog, emphasised the connection between the greater aim of inclusive development—encapsulated by the prime minister’s catchphrase “Sabka Sath, Sabka Vikas”—and the goal of achieving a green transition.
Amitabh Kant, the G20 Sherpa, emphasised the need for an investment of between $5 and $6 trillion at the workshop in order to meet the Sustainable Development Goals (SDGs) and combat climate change.
The announcement claimed that he also pointed out that such an investment would provide commercial prospects worth around 90 trillion dollars.
Amitabh Kant said that there are significant investment funds accessible on a worldwide scale totaling over 350 trillion dollars, of which 150 trillion are institutional money. To de-risk initiatives, he suggested creating a global project accelerator fund.
The workshop focused on India’s contribution to green growth and sustainable development, particularly in the context of meeting the Net Zero objective by 2070, a pledge made by Prime Minister Narendra Modi at the COP26 Glasgow Summit.Kant expressed optimism that India will contribute significantly to this effort and emphasised that the country’s G20 presidency is ambitious and action-focused, with several ministerial meetings to finalise result papers.
BVR Subrahmanyam, the CEO of NITI Aayog, emphasised the organization’s function in establishing ecosystems that promote the adoption of cutting-edge technology.
He used the success of NITI Aayog’s initiatives to change the electric car market as an example.
He emphasised the role that states play in putting green energy projects into action and gave the assurance that NITI Aayog will provide the states the assistance they need to do so.
The workshop covered a variety of topics including energy, climate, growth, technology, policy, jobs, multilateralism, and reshaping global finance for sustainable growth, according to the release. It was organised by NITI Aayog in partnership with the International Development Research Centre (IDRC) and the Global Development Network (GDN). More than 40 international specialists from various domains took part in the talks. The workshop produced a number of significant recommendations for the G20, including sustainable and transparent debt management, more robust financial safety measures, fair assessment of emerging nations by credit rating agencies, increased efforts in green financing, and the use of digital public infrastructure to promote a green economy.
The recommendations made during the gathering included participation of the Global South inside the G20, revisions to the WTO, and radical changes to multilateral development banks.
