Blended finance needed, leveraging private capital to achieve SDGs: Sitharaman

Finance Minister Nirmala Sitharaman on Thursday underlined the need for blended financing and leveraging private capital to achieve the Sustainable Development Goals (SDGs).

She was speaking at a roundtable on sustainable financing for the climate transition in Bali, Indonesia, which is hosting the third meeting of G20 finance ministers and central bank governors (FMCBG).

“Union Finance Minister highlighted the role of #MDBs, use of #BlendedFinance and use of #PrivateCapital to increase #SustainableFinance and achieve #SDGs,” the finance ministry said in a series of tweets.

The finance minister also shared India’s two-pronged energy transition plan — promoting renewables in the energy mix and adopting innovative policy measures — to increase energy efficiency and security.

“FM Smt. @nsitharaman highlighted the #Panchamrit strategy to combat #ClimateChange as envisioned by PM Shri @narendramodi,” read another tweet.

At the COP26 conference in Glasgow, Scotland last year, Prime Minister Modi pledged ‘Panchamrit’ or the elements of the five nectars in India’s fight against climate change.

The ‘Panchamrit’ commitment seeks to increase India’s non-fossil fuel energy capacity to 500 GW by 2030, ensure that 50 percent of the country’s energy needs are met by renewable energy sources by the same year, reduce total projected carbon emissions by one billion tonnes, reduce carbon intensity in economy to less than 45 percent and finally achieve net zero emissions by 2070.

The Sustainable Development Goals adopted by United Nations member states in 2015 aim to foster peace and prosperity for people and the planet.

Some of these 17 goals are no poverty, zero hunger, good health and well-being, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure.

It also includes reducing inequality, sustainable cities and communities, responsible consumption and production, climate action, life below water, life on land, peace, justice and strong institutions and finally strengthening global partnerships to achieve the goals.

Sitharaman also held bilateral meetings with some of her colleagues. During a meeting with Indonesian Finance Minister Mulyani Indrawati, she discussed the progress made under Indonesia’s G20 chairmanship.

Both leaders discussed ways to further cooperate on the G20 financial agenda, including global health, sustainable finance, financial inclusion, climate and infrastructure.

Sitharaman also presented a special series of coins and stamps to Indrawati under the Azadi Ka Amrit Mahotsav (AKAM).

She also met Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong on the sidelines of the G20 FMCBG.

“The two leaders had fruitful discussions on the engagements of India and Singapore and exchanged views on the G20 agenda and global economic and financial issues,” the tweet said.

(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content was automatically generated from the syndicated feed.)

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