Press Information Bureau

Government of India

Ministry of Finance

21-April-2012 20:6 IST

Text of the Union Finance Minister Shri Pranab Mukherjee’s Intervention Statement on ‘GREEN GROWTH AND CLIMATE FINANCE’ in Third Session of G-20 Finance Ministers and Central Bank Governors’ Meeting in Washington D.C.

The text of the Union Finance Minister Shri Pranab Mukherjee’s Intervention Statement on ‘GREEN GROWTH AND CLIMATE FINANCE’ in the Third Session of G-20 Finance Ministers and Central Bank Governors’ Meeting in Washington D.C. today is as follows:

India welcomes the initiatives taken by Mexico on Green Growth. As G-20 Finance Ministers, we should recognise that our concerns on Green Growth and Climate Change require, inter-alia, new solutions and a closer discussion on various possible options, and that such discussions should ultimately feed into UN processes. The G20 can contribute in this area through the identification of best practices for sustainable development, provide researched inputs, sharing of technology and suggesting ways of raising resources to go forward.

We need to recognize that there is currently no internationally agreed definition of “green growth”. Our deliberations on the issue must therefore strike a balance between all the three pillars of sustainable development i.e. economic development, social development and environmental sustainability, on which there is consensus, and be consistent with the objectives, provisions and principles, including common but differentiated responsibilities and respective capabilities, of the UNFCCC.

We note the proposal for setting up a new study group of co-facilitators with the objective of organizing and delivering a report on Climate Finance commitments. However, the criteria and the process as to how this Study Group of Co-facilitators will be formed are not clear. I would like to point out that the views and interests of all G 20 countries need to be reflected through a transparent and inclusive process. Further, I would like to point out that while technical analysis and researched inputs on these issues are welcome, a review of the progress on commitments on climate finance has to be done by the Conference of Parties to UNFCCC only. The study group might benefit by limiting its focus on specific areas and where finding common ground remains contentious but breakthroughs are needed, such as financing for sustainable development.

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DSM

Green growth balance between economic, social and environmental pillars, and climate finance review should remain with UNFCCC processes. Green growth requires balancing economic, social and environmental sustainability consistent with common but differentiated responsibilities and respective capabilities. A proposed Study Group to report on climate finance commitments must be formed through a transparent, inclusive process reflecting all G 20 interests, and should limit its focus to specific contested areas such as financing for sustainable development since formal review of climate finance commitments rests with the Conference of the Parties to the UNFCCC.