Pledging to quadruple India’s renewable power capacity to 175 gigawatt by 2022 and cut fossil fuel subsidies, Prime Minister Narendra Modi on Sunday asked world’s top economies to build support systems focused on nations that have the maximum growth potential.
In his lead intervention at G20 Working Lunch on Development and Climate Change, Mr. Modi offered seven points for consideration, which include shift from ‘carbon credit’ to ’green credit’ and increase in share of traffic on public transport in cities by 30 per cent by 2030.
“I propose that we consider how G20 can build support systems that focus on countries with maximum growth potential, help address specific bottlenecks there and facilitate implementation of country strategies,” Mr. Modi said, adding that the grouping of world’s top 20 economies, including U.S. and China must continue to focus on infrastructure.
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“Bridging the current gap in infrastructure finance in the developing countries should remain our key priority.
“Through bold economic and governance reforms, we have achieved a growth rate of nearly 7.5 per cent with strong prospects for a higher growth rate in the near future,” he said. “Given our size and scale, India can become a pillar of global growth and stability.”
What can the G20 do for Climate Change? PM >@narendramodi offers seven points for consideration >pic.twitter.com/cuqUO7LQf5
— Vikas Swarup (@MEAIndia) >November 15, 2015
‘Cut transaction cost for money transfer’
“Remittances are a key source of income for households and support for the economy in developing countries. We should define a target date before 2030 to reduce the high costs of transferring remittances,” he said.
The transaction cost, which was about 10 per cent has come down to 7.5 per cent because of sustained campaign by India. The target is to bring it down to 3 per cent by 2030 but Mr. Modi wants this to be achieved earlier.
Talking of plans for addressing the challenges of climate change, India will raise renewable power generation capacity by 175 GW by 2022, cut in subsidies on fossil fuel and tax on coal and created a USD 3 billion National Clean Energy Fund to promote clean technologies.
“With our highly ambitious/Intended Nationally Determined Contributions (INDCs), India would remain in step with the world,” he said.
“We should also ensure that finance and technology is available to meet the universal global aspiration for clean energy. We must meet the target of USD 100 billion goal per year by 2020.”