The Prime Minister stressed the need for accessible financing in his remarks at the G20 Working Session on Food and Energy Security, emphasising the importance of a smooth energy transition for the Global South.
At the G20 Working Session on Food and Energy Security on Tuesday, Prime Minister Narendra Modi emphasised the importance of robust supply networks for food, fertilisers, and energy.
The Prime Minister stressed in his remarks the importance of accessible financing for the Global South’s seamless energy transition.
The Covid pandemic, climate change, the developments in Ukraine, and the linked global issues, according to the prime minister, have wreaked devastation on the world. “The world’s supply chains are destroyed. There is a global shortage of necessities and necessities goods. The difficulty for impoverished people is greater because they already suffer in their daily lives. They don’t have the financial resources to handle the double whammy. On these matters, multilateral organisations like the United Nations have failed. We shouldn’t be reluctant to say that. The G-20 is held to higher standards today, and its significance has increased,’ he claimed.
The G20 nations were urged by the prime minister to recognise 2023 as the International Year of Millets by sharing information about India’s organic agricultural methods. He said that India will keep trying to reach a global agreement on these concerns.
The prime minister emphasised how India supported numerous countries in need during the pandemic while ensuring the food security of its 1.3 billion residents.
He described the current shortage of fertiliser as a severe catastrophe. “Tomorrow’s food catastrophe is today’s fertiliser crisis.” There won’t be a solution for that in the world. To sustain a reliable and steady supply chain for manure and food grains, we need to develop a mutual understanding. India is promoting natural farming and re-popularizing wholesome and traditional food grains like millet, which can also address global malnutrition, in order to achieve sustainable food security. The International Year of Millets must be celebrated with tremendous enthusiasm the following year, according to PM Modi.
Regarding energy security, the Prime Minister emphasised how crucial it is for global growth because India has the fastest-growing economy in the world.
“Stability in the energy market must be guaranteed, and restrictions on the supply of energy should not be encouraged.” The environment and clean energy are important to India. By 2030, renewable energy will produce half of India’s electricity. Time-bound and affordable financing as well as a sustainable supply of technology to developing countries are crucial for an inclusive energy transition, according to the prime minister.