financetom
Economy
financetom
/
Economy
/
For sustainable recovery in post-COVID world reformed multilateralism need of the hour: PM Modi
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
For sustainable recovery in post-COVID world reformed multilateralism need of the hour: PM Modi
Nov 22, 2020 10:26 PM

Prime Minister Narendra Modi at the G20 Summit on Sunday asserted that for an inclusive, resilient and sustainable recovery in a post-COVID world, effective global governance is required and reformed multilateralism is the need of the hour. At a G20 session, he also underscored the importance of the ’2030 Agenda for Sustainable Development Goals’ aimed at ”leaving no one behind”.

The prime minister said that India is following the same principle in the ’Reform-Perform-Transform’ strategy to move forward and taking inclusive development efforts that are participative, according to a Ministry of External Affairs (MEA) statement. With the changing situation in the wake of the COVID-19 pandemic, Modi said, India has adopted a ’Self Reliant India’ initiative. Following this vision, based on its competence and dependability, India will become an important and reliable pillar of the world economy and global supply chains, he said.

The prime minister also underscored that for an inclusive, resilient and sustainable recovery in a post-COVID world, effective global governance is required and reformed multilateralism through improvement in character, governance and processes of multilateral institutions is the need of the hour. The agenda of the second day of the G20 summit focused on a session on building an inclusive, sustainable and resilient future.

In a recorded message at a G-20 summit side event — ’Safeguarding the Planet: The Circular Carbon Economy Approach’, Modi said climate change must be fought not in silos but in an integrated, comprehensive and holistic way. He asserted that the entire world can progress faster if there is greater support of technology and finance to developing nations.

Modi said India is not only meeting its Paris Agreement targets, but also exceeding them. ”Inspired by our traditional ethos of living in harmony with the environment, and the commitment of my government, India has adopted low-carbon and climate-resilient development practices,” he said.

The prime minister said for humanity to prosper, every single individual must prosper. ”Rather than seeing labour as a factor of production alone, the focus must be on the human dignity of every worker,” Modi said. Such an approach would be the best guarantee for safeguarding the planet, he said.

Modi said that in times of COVID-19 when everyone is focused on saving citizens and economies from the effects of the global pandemic, it is equally important to keep focus on fighting climate change. ”Climate change must be fought not in silos but in an integrated, comprehensive and holistic way,” he said and highlighted that India is not only meeting its Paris Agreement targets but also exceeding them.

India is a signatory to the Paris Agreement under the United Nations Framework Convention on Climate Change. The Paris accord was adopted at the UN climate conference ”COP 21” held in the French capital in 2015 with an aim to reduce hazardous greenhouse gas emissions. Underlining that India has taken concrete action in many areas, Modi said the country has made LED lights popular and noted that this saves 38 million tonnes of carbon dioxide emission per year.

” Smoke-free kitchens have been provided to over 80 million households through our Ujjwala Scheme. This is among the largest clean energy drives globally,” he said. ”There are efforts to eliminate single-use plastics; our forest cover is expanding; the lion and tiger population is increasing; we aim to restore 26 million hectares of degraded land by 2030, and we are encouraging a circular economy,” the prime minister said.

India is making next-generation infrastructures such as metro networks, water-ways and more, Modi said, adding that in addition to convenience and efficiency, they will also contribute to a cleaner environment. ”We will meet our goal of 175 gigawatts of renewable energy well before the target of 2022. Now, we are taking a big step ahead by seeking to achieve 450 gigawatts by 2030,” he said.

Modi also pointed out that the International Solar Alliance (ISA) is among the fastest-growing international organisations, with 88 signatories. With plans to mobilise billions of dollars, train thousands of stakeholders, and promote research and development in renewable energy, ISA will contribute to reducing carbon footprint, he said.

Modi also cited the example of the Coalition for Disaster Resilient Infrastructure (CDRI), saying 18 countries, including nine from among the G20 and four international organisations, have already joined the coalition. The CDRI has started work on increasing resilience of critical infrastructure, he noted, and asserted that infra damage during natural disasters is a subject that has not got the attention it deserves.

The poorer nations are especially impacted by this and therefore, this coalition is important, Modi added. Noting that this is the best time for further increasing research and innovation in new and sustainable technologies, Modi said it should be done with a spirit of cooperation and collaboration.

The prime minister thanked Saudi Arabia for hosting a successful Riyadh Summit and welcomed Italy as it takes over the G20 presidency in 2021, the MEA statement said. It was decided that the G20 presidency will be held by Indonesia in 2022, India in 2023 and Brazil in 2024, the MEA said.

At the end of the Summit, a G20 Leaders’ Declaration was issued which called for coordinated global action, solidarity, and multilateral cooperation to overcome the current challenges and realise opportunities of the 21st century for all by empowering people, safeguarding the planet, and shaping new frontiers.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Home Values Expected to Rise Steadily Following $2.5 Trillion Gain in 2024, Redfin Says
Home Values Expected to Rise Steadily Following $2.5 Trillion Gain in 2024, Redfin Says
Feb 20, 2025
03:38 PM EST, 02/20/2025 (MT Newswires) -- The US housing market gained about $2.474 trillion in value last year, with prices seen increasing steadily in 2025 amid competition among buyers, Redfin (RDFN) said Thursday. Home values reached $49.683 trillion in 2024, indicating a 5.2% year-over-year growth, which the real estate brokerage said was the slowest in a calendar year since...
Fed officials flag rising inflation risks, Trump policy uncertainty
Fed officials flag rising inflation risks, Trump policy uncertainty
Feb 20, 2025
(Reuters) - Three Federal Reserve officials with sometimes disparate policy views delivered a similar message on Thursday: cooling U.S. inflation that allows the U.S. central bank to deliver further interest rate cuts is still the most likely scenario, but the unknown impact of President Donald Trump's trade, immigration and other policies could force a different outcome. Atlanta Fed President Raphael...
Federal Reserve Watch for Feb. 20: FOMC Need to Remain Vigilant Amid Uncertainty, Rising Inflation Still Possible, Fed Officials Say
Federal Reserve Watch for Feb. 20: FOMC Need to Remain Vigilant Amid Uncertainty, Rising Inflation Still Possible, Fed Officials Say
Feb 20, 2025
02:35 PM EST, 02/20/2025 (MT Newswires) -- Atlanta Fed President Raphael Bostic (nonvoter) said in an essay that the US economy remains strong, but the Federal Open Market Committee needs to remain vigilant in the face of uncertainties that could change that firm footing. St. Louis Fed President Alberto Musalem (voter) said that he is concerned about rising inflation expectations...
Fed's Barr, stepping down from regulatory post, warns against weaker bank rules
Fed's Barr, stepping down from regulatory post, warns against weaker bank rules
Feb 20, 2025
WASHINGTON (Reuters) - The Federal Reserve's top regulatory official cautioned Thursday against a weakening of bank rules and oversight that could make firms vulnerable to surprise shocks. Fed Vice Chair for Supervision Michael, who is stepping down from the regulatory post at the end of February, cautioned against any push to significantly weaken existing bank rules and supervision, and urged...
Copyright 2023-2026 - www.financetom.com All Rights Reserved