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Business News/ News / India/  FM Sitharaman urges world leaders to help boost clean energy supply
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FM Sitharaman urges world leaders to help boost clean energy supply

The finance ministry said in a Twitter post that Sitharaman participated in the G-20 high-level tax symposium on tax policy and climate change held ahead of the third meeting of finance ministers and central bank governors

Union Finance Minister Nirmala Sitharaman during Session-I of Global Economy and Health Symposium, in New Delhi. (PTI)Premium
Union Finance Minister Nirmala Sitharaman during Session-I of Global Economy and Health Symposium, in New Delhi. (PTI)

Finance minister Nirmala Sitharaman on Friday urged world leaders to work together in boosting supplies of clean energy sources as well as the technology available for adoption to fight climate change.

Sitharaman made the appeal for a concerted approach on efforts to combat climate change at a virtual conference of the G20 nations. The finance ministry said in a Twitter post that Sitharaman participated in the G-20 high-level tax symposium on tax policy and climate change held ahead of the third meeting of finance ministers and central bank governors.

The minister emphasised on the role of technology in fighting climate change and called for “international cooperation to increase the supply of alternative sources of energy and technologies for adaptation," the ministry said in the tweet.

Sitharaman’s appeal for making technology available for adoption is significant given that many clean energy technologies are patent protected and are expensive, making it unaffordable for businesses in developing countries.

India has been using fiscal policy options including tax incentives for environmentally friendly solutions to reduce the carbon intensity of the economy. Sitharaman said that concessional tax rates are in place in India to promote the use of renewables.

The minister also outlined India’s policy measures aimed at ensuring better environmental outcomes, digital innovation, development of emerging fuels, energy efficiency and afforestation.

India has also been giving strong policy support for electric mobility including tax concessions and has been promoting alternative fuels to reduce consumption of fossil fuels. India has committed to producing 40% of its total electricity from non-fossil fuel sources by 2030.


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Published: 09 Jul 2021, 09:48 PM IST
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