Rich countries should focus more on climate change, says chief economic adviser

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Chief Economic Advisor V Anantha Nageswaran has sought to raise awareness of climate change

New Delhi:

Chief Economic Adviser V Anantha Nageswaran said on Monday that developed countries needed to convince their public of the urgency of adopting climate change mitigation policies and observed that there was much less support for climate policies , including the tax on fossil fuels, in rich countries.

Referring to the issue of developed countries funding poor countries to deal with climate change, Mr Nageswaran said this was unrealistic as they have far greater challenges at home.

In high-income countries there is much less support for climate policies, including the fossil fuel tax, he told an event here.

While noting that when developed countries tell developing countries and emerging economies what to do in the future, Mr. Nageswaran said there is an even more urgent and important task in their hands.

“It’s to convince their own audience of the importance of climate change mitigation policies.

“…they have much bigger problems making climate policies work in their countries without hurting themselves fiscally,” he said.

Citing a report, Mr Nageswaran pointed out that while overall support for green policy is lowest in Denmark, France, Germany followed by Australia, the countries particularly opposed to carbon taxes are Australia, Canada, Denmark, Germany, the United Kingdom and the United States.

“Therefore, when we seek financial support from developed countries, it is not realistic because they have much greater challenges at home,” he said.

Emphasizing that finance is critical and there is a need to mobilize finance through public, private and multilateral sources, Mr. Nageswaran said, “we must not jeopardize the fiscal health of both developed and developing countries.” He said infrastructure development is critical for the Indian economy and asset monetization is about the economic efficiency of assets.

Last year, Prime Minister Narendra Modi announced a bold pledge that India will achieve net zero carbon emissions by 2070 and claimed it was the only country that was sticking “in letter and spirit”. » Commitments to combat climate change under the Paris Agreement.

Mr Modi also said that India places climate change at the center of its policies and stressed the need to include climate adaptation policies in school curricula to raise awareness of the issues among the next generation.

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