Countries, corporations expanding horizons to explore innovative approaches to tackle climate change: Financial services secretary

Goa [India], April 26 : Financial Services Secretary Vivek Joshi on Wednesday said that countries and corporations were now expanding their horizons to explore innovative approaches to tackle climate change while maintaining economic competitiveness.

During the XIX Council Meeting of the Shanghai Cooperation Orgzation Interbank Consortium (SCO IBC) in Goa on Wednesday, Joshi said, "Coming to the focus area of SCO IBC Council meet, the increased sensitivity towards climate change has seen countries embarking on the journey of Net Zero, Clean Energy Transition and Sustainable Development." The secretary joined the event online on Wednesday.

India Infrastructure Finance Company (IIFCL) hosted the council meeting and the meeting was chaired by PR Jaishankar, MD, IIFCL, in the presence of delegates from eight member banks and SCO Secretariat. SCO IBC comprises eight member banks from countries such as Russia, India, China, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.

Joshi said, "I am happy to share that India too has partaken in the global battle against climate change, with the Prime Minister of India pledging to cut India's total projected carbon emission by 1 billion tonne by 2030, reduce the carbon intensity of the nation's economy by less than 45 per cent by the end of the decade and achieve a net-zero carbon emissions target by 2070."

The secretary said the annual per capita carbon footprint in India is only about 1.5 tonne, compared to the world average of 4 tonne per year.

According to Vivek Joshi, India has the fourth largest capacity for producing renewable energy in the world. "We are ranked fourth in wind energy and fifth in solar energy in the world. India also aims to become a leading producer and supplier of green hydrogen in the world, having launched a National Hydrogen Mission and moving towards an environment-friendly energy source," he added.

Joshi said, "SCO member countries contribute about 30 per cent of global GDP (gross domestic product) and 40 per cent of the world's population. Today, when the world is facing challenges of a looming economic recession, a closer cooperation among the SCO Member States shall play a pivotal role in combating global challenges such as food and energy security concerns."

"As part of India's contribution to mitigating the above challenges, our Hon'ble Prime Minister has launched the Global Mission 'LIFE' - which stands for Lifestyle for Environment," the secretary said, adding, "LIFE envisions replacing the prevalent 'use-and-dispose' economygoverned by mindless and destructive consumptionwith a circular economy, which would be defined by mindful utilisation of resources."

Apart from Secretary Vivek Joshi, Padmanabhan Raja Jaishankar, managing director, India Infrastructure Finance Company, also welcomed the deputy secretary General from SCO Secretariat Nuran Niyazaliev.

He also welcomed and thanked all the dignitaries and heads of member banks of Development Bank of Kazakhstan JSC, China Development Bank, OJSC 'RSK Bank', Habib Bank, State Corporation Bank for Development, Savings Bank of the Republic of Tajikistan of Amonatbonk and National Bank for Foreign Economic Activities of the Republic of Uzbekistan JSC.

Padmanabhan Raja Jaishankar said it was a great day that IIFCL was hosting the SCO IBC Forum in this very vibrant state of Goa. "As you may be aware, IIFCL is a Government of India enterprise set up under the Ministry of Finance," he added.

Before inviting the secretary for his speech, Padmanabhan Raja Jaishankar also apprised the gathering of how Joshi, over thirty-three years in civil services, worked across various sectors of the Indian economy and has made significant contributions towards the development of women and child, trade and textiles.