Need for blended finance, leveraging private capital to achieve SDGs: FM Sitharaman

File photo

New Delhi: Finance Minister Nirmala Sitharaman on Thursday underlined the need for blended finance and leveraging private capital to achieve sustainable development goals. She was speaking at the Sustainable Finance for Climate Transition roundtable in Bali, Indonesia, which is hosting the third G20 Finance Ministers and Central Bank Governors. "The Union Finance Minister highlighted the role of MDBs, use of Blended Finance and leveraging Private Capital for scaling up SustainableFinance and reaching SDGs," the finance ministry said in a series of tweets. The finance minister also shared India's two-pronged energy transition plan - promoting renewables in the energy mix and adopting innovative policy measures for increasing energy efficiency and security.

"FM Smt. Nirmala Sitharaman emphasized the Panchamrit strategy to tackle climate change, as envisaged by Prime Minister Shri Narendra Modi," another tweet said. At the COP26 conference in Glasgow, Scotland, last year, Prime Minister Modi took the pledge of 'Panchamrit' or five-nectar elements in India's fight against climate change.

The 'Panchamrit' commitment seeks to raise India's non-fossil fuel-based energy capacity to 500 GW by 2030, ensure that 50 percent of the country's energy requirements would be met by renewable energy sources by the same year, reduce the total projected carbon emission by one billion tonnes, decrease the carbon intensity of the economy to less than 45 percent and finally, achieve net zero emissions by 2070.

The SDGs adopted by member countries of the United Nations in 2015 are intended at fostering peace and prosperity for people and the planet. Some of these 17 goals are no poverty, zero hunger, good health and wellbeing, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation, and infrastructure.

It also includes reduced inequalities, sustainable cities and communities, responsible consumption and production, climate action, life below water, life on land, peace, justice, and strong institutions, and lastly strengthening global partnerships for the goals. Sitharaman also held bilateral meetings with some of her counterparts. During her meeting with Indonesian finance minister Mulyani Indrawati, she discussed progress made under G20 Indonesia Presidency.

Both leaders deliberated upon ways to collaborate further on G20 Finance agenda, including global health, sustainable finance, financial inclusion, climate, and infrastructure. Sitharaman also presented a special series of coins and stamps under the Azadi Ka Amrit Mahotsava to Indrawati. She also met Singapore's Deputy Prime Minister and Minister for Finance Lawrence Wong on the sidelines of the G20 FMCBG. "The two leaders had fruitful discussions on India-Singapore engagements and exchanged views on G20 agenda and global economic and financial matters," a tweet said.