Collective Action of the Global South is Crucial in Combating Climate Change: Amitabh Kant
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New Delhi, Dec 3 (NationPress) Countries in the Global South must collaborate to address climate change, as they are exposed to considerable risks despite their lower contribution to worldwide greenhouse gas emissions, stated Amitabh Kant, India’s G20 Sherpa, on Tuesday.
Kant made these comments at the GreenReturns Summit 2024, organized by the Indian Venture and Alternate Capital Association (IVCA).
He discussed India’s crucial role in enhancing global climate initiatives, highlighting the vital connection between sustainable investments and economic growth.
“With developed nations controlling 82 percent of the world’s carbon budget, the Global South bears the consequences of climate change, which could potentially drive 100 million individuals into poverty,” Kant remarked.
He also emphasized India’s distinct approach during its G20 presidency and the measures taken towards climate action and financing.
Kant pointed out that India “transformed the dialogue from billions to trillions” during its G20 presidency in 2023, initiating efforts to confront environmental and climate challenges.
He noted that the country expanded its renewable energy initiatives significantly and promoted a Green Development Pact.
The Green Development Pact represents a commitment by G20 leaders to tackle environmental challenges and achieve sustainable development, adopted during the G20 Leaders Summit in New Delhi last year.
“The Global South must unite, as India illustrated during its G20 presidency. It showcased that when the Global South articulates a unified stance, tangible results in climate action can be achieved,” the former NITI Aayog CEO added.
Furthermore, Kant highlighted the pressing need to synchronize private investments with public policies to bridge the $3.5 trillion financing gap by 2030, which is crucial for India to fulfill its climate objectives.
The climate finance gap is defined as the disparity between the funds required to adapt to climate change and the amounts currently available, estimated at $3.5 trillion.
“Understanding the importance of the Global South is essential. According to the IMF, the global economy is anticipated to grow by 3.2 percent this year, with developed nations at 1.8 percent and the emerging economies of the Global South at 4.4 percent.”
“For the next three decades, the IMF forecasts higher growth for emerging markets. Consequently, our institutions must be restructured to address the challenges of climate action and consider the Global South's needs. The Global North requires our growth,” Kant concluded.
