NITI Aayog Concludes 2-Day G20 Policy Workshop on Green and Sustainable Growth
The Chief Executive Officer (CEO), NITI Aayog, Shri BVR Subrahmanyam briefing the media at G20 Conference A Green and Sustainable Growth Agenda for the Global Economy in the presence of the Vice Chairman, NITI Aayog, Shri Suman Bery, in New Delhi on July 29, 2023.
TFP Bureau, New Delhi, July 30, 2023 – The National Institution for Transforming India (NITI) Aayog, in collaboration with the International Development Research Centre (IDRC) and the Global Development Network (GDN), successfully wrapped up a 2-day G20 policy workshop centered around the theme of ‘A Green and Sustainable Growth Agenda for the Global Economy.’ The event held at New Delhi brought together over 40 global experts from diverse fields to discuss the prospects and challenges of promoting green and sustainable growth on a global scale.
During the workshop, key stakeholders including government officials, experts, and industry leaders emphasized the significance of aligning green transition efforts with the broader vision of achieving Viksit Bharat by 2047 and the Hon’ble Prime Minister’s goal of Sabka Sath, Sabka Vikas. Vice-Chairman of NITI Aayog, Shri Suman Bery, reiterated the commitment to pursuing green and sustainable growth through various channels.
Addressing the workshop, G20 Sherpa, Shri Amitabh Kant, highlighted the necessity of investing approximately 5 to 6 trillion dollars to achieve the Sustainable Development Goals (SDGs) and climate action, which in turn would create business opportunities worth around 90 trillion dollars. He emphasized that resources are not lacking, with approximately 350 trillion-dollar funds available globally for investment, including 150 trillion dollars aligned with Institutional Funds. Shri Kant stressed the need for a Global Project Accelerator Fund to de-risk projects and encourage investment in sustainable initiatives.
The workshop also showcased India’s ambitious role in green growth and sustainable development, particularly as the country’s leadership aims to achieve Net Zero by 2070. Shri Kant praised India’s dedication to this cause and the action-oriented approach during its G20 presidency.
Another vital aspect discussed during the event was the role of NITI Aayog in facilitating the green transition and fostering the adoption of frontier technologies. CEO of NITI Aayog, Shri B.V.R. Subrahmanyam, highlighted the agency’s pivotal role in creating ecosystems that enable the implementation of sustainable practices. He cited the successful example of NITI Aayog’s contribution to the transformation in the electric vehicle space and stressed the importance of supporting states in implementing green energy projects.
The workshop’s first day delved into themes concerning energy, climate, growth, technology, policy, and jobs, as well as the implications of a fractured trading system and reshaping global finance for sustainable growth. The second day focused on multilateralism, adjustment, resilience, and inclusion in an uncertain world. Notable leaders and experts, including Shri N.K. Singh, Chairman of the Finance Commission and President of the Institute of Economic Growth, and Shri Nandan Nilekani, Chairman and Co-founder of Infosys and Founding Chairman of UIDAI (Aadhaar), delivered keynote addresses and shared valuable insights.
Throughout the event, several recommendations were made for the G20 to consider, encompassing areas such as sustainable and transparent debt management, bolstering financial safety measures, regulating credit rating agencies to assess emerging nations more fairly, and promoting green financing initiatives. Additionally, the potential of digital public infrastructure to drive a green economy was highlighted, alongside calls for transformative reforms of multilateral development banks, overhauling the World Trade Organization (WTO), and leveraging G20’s representation to support the Global South.
The successful conclusion of this policy workshop marks a significant step towards shaping a green and sustainable growth agenda for the global economy. With India at the forefront of this endeavor, NITI Aayog’s vital role in facilitating a smooth green transition and fostering innovation and collaboration in sustainable development remains prominent on the path towards achieving a greener and more prosperous future.
