New Delhi: Chief Economic Advisor (CEA) V Ananth Nageswaran Developed countries need to convince their people of the urgency of adopting climate change mitigation policies, and noted that there is little support for climate policies, including taxes on fossil fuels, in rich countries.
Referring to the issue of funding of poor countries by developed countries to tackle climate change, Nageswaran said it is unrealistic as they face huge challenges at home.
In high-income countries, there is little support for climate policies, including taxes on fossil fuels, he said at an event here.
Noting that when developed countries tell developing countries and emerging economies what they should do next, Nageswaran said they have an even more urgent and important task on their hands.
“This is to convince our public about the importance of climate change mitigation policies.
“…they have far bigger problems getting climate policies to work in their countries without harming themselves economically,” he said.
Citing a report, Nageswaran pointed out that Australia has the lowest overall support for green policy after Denmark, France, Germany, countries particularly opposed to carbon taxes Australia, Canada, Denmark, Germany, the UK and are US.
“Therefore, when we seek funding support from developed countries, it is unrealistic because they have huge challenges to face at home,” he said.
Emphasizing that finance is the key essence, and there is a need to mobilize finance through public, private and multilateral sources, Nageswaran said, “We should not jeopardize the financial health of both developed and developing countries.”
He said that after 2008 and 2020, both developed and developing countries are facing heavy debt burden and hence, loan repayments will become difficult as interest rates rise.
CEA also pushed for greater investment in metals and minerals for renewable energy technologies, which are highly metal-intensive.
“Even if investments are made, we need to have an international regulator to be able to make sure they are available to all countries, if we want all countries to be at the same time by 2050. Or progress to net-zero emissions by 2070… Imagine. The amount of these metals and minerals that are needed,” he said.
He said infrastructure development is important for the Indian economy and asset monetization is about the economic efficiency of assets.
Last year, Prime Minister Narendra Modi announced a bold pledge that India would achieve net zero carbon emissions by 2070 and asserted that it is the only country that is meeting commitments to tackle climate change in “letter and spirit”. Paris Agreement,
Modi had also said that India was keeping climate change at the center of its policies and stressed the need to include climate adaptation policies in the school curriculum to make the next generation aware of the issues.
Referring to the issue of funding of poor countries by developed countries to tackle climate change, Nageswaran said it is unrealistic as they face huge challenges at home.
In high-income countries, there is little support for climate policies, including taxes on fossil fuels, he said at an event here.
Noting that when developed countries tell developing countries and emerging economies what they should do next, Nageswaran said they have an even more urgent and important task on their hands.
“This is to convince our public about the importance of climate change mitigation policies.
“…they have far bigger problems getting climate policies to work in their countries without harming themselves economically,” he said.
Citing a report, Nageswaran pointed out that Australia has the lowest overall support for green policy after Denmark, France, Germany, countries particularly opposed to carbon taxes Australia, Canada, Denmark, Germany, the UK and are US.
“Therefore, when we seek funding support from developed countries, it is unrealistic because they have huge challenges to face at home,” he said.
Emphasizing that finance is the key essence, and there is a need to mobilize finance through public, private and multilateral sources, Nageswaran said, “We should not jeopardize the financial health of both developed and developing countries.”
He said that after 2008 and 2020, both developed and developing countries are facing heavy debt burden and hence, loan repayments will become difficult as interest rates rise.
CEA also pushed for greater investment in metals and minerals for renewable energy technologies, which are highly metal-intensive.
“Even if investments are made, we need to have an international regulator to be able to make sure they are available to all countries, if we want all countries to be at the same time by 2050. Or progress to net-zero emissions by 2070… Imagine. The amount of these metals and minerals that are needed,” he said.
He said infrastructure development is important for the Indian economy and asset monetization is about the economic efficiency of assets.
Last year, Prime Minister Narendra Modi announced a bold pledge that India would achieve net zero carbon emissions by 2070 and asserted that it is the only country that is meeting commitments to tackle climate change in “letter and spirit”. Paris Agreement,
Modi had also said that India was keeping climate change at the center of its policies and stressed the need to include climate adaptation policies in the school curriculum to make the next generation aware of the issues.