New Delhi: Prime Minister Narendra Modi, while addressing the International Energy Agency’s (IEA) Ministerial Meeting on Wednesday, said India is the fastest-growing major economy in the world and the IEA will benefit from the massive talent, technology and innovation brought to the table by the country. He also affirmed that India has exceeded all of its Paris Agreement commitments towards climate change.
"India is the world’s fastest-growing major economy. Sustained growth needs energy security and sustainability. In one decade, we went from the 11th-largest economy to the fifth-largest. In the same period, our solar energy capacity grew twenty-six-fold. Our renewable energy capacity also doubled. We exceeded our Paris commitments in this regard, ahead of timelines," he said while addressing the meeting via video conference.
Congratulating Ireland and France for co-chairing the meeting, PM Modi highlighted that India's carbon emissions account for only 4 per cent of the global total despite being home to 17 per cent of the world's population. "India has already led initiatives such as the International Solar Alliance. Our Mission LiFE focuses on pro-planet lifestyle choices for a collective impact. ‘Reduce, Reuse and Recycle’ is a part of India’s traditional way of life. India’s G20 Presidency also saw significant action on this front. The launch of the Global Biofuels Alliance was one of the highlights," he added.
"Inclusivity boosts the credibility and capability of any institution. 1.4 billion Indians bring talent, technology and innovation to the table. We bring scale and speed, quantity and quality to every mission. I am sure that the IEA will benefit when India plays a bigger role in it... Let us Leverage this platform to strengthen existing partnerships and form new ones. Let us build a cleaner, greener and inclusive world," the PM said in his concluding remarks.
Why is the meeting important?
The 2024 IEA Ministerial Meeting comes at a crucial time for energy markets and clean energy transitions globally. Major issues include the risks to energy security linked to Russia's invasion of Ukraine, geopolitical tensions in the Middle East and beyond - and international efforts to deliver on the outcomes of the COP28 climate change conference, according to the agency's official website.
Fifty years on from the founding of the IEA amid the 1970s oil shock, this milestone event offers the opportunity to reflect on how the global energy system has changed and how to tackle the energy and climate challenges the world faces today and in the coming decades.
India has recorded significant progress in its climate change agreements and aims to emissions intensity by 45 per cent till 2030. At the high-level COP28 Summit last year, PM Modi announced the increase in the share of non-fossil fuels to 50 per cent as part of becoming carbon neutral by 2070.
The Prime Minister proposed the Green Credit initiative, which focuses on creating 'carbon sinks' through the participation of world economies. He also expressed gratitude to world leaders for providing continuous support to issues like climate justice, climate finance and green credit raised by him.
The 2024 IEA Ministerial Meeting was an occasion to mark the 50th Anniversary of the founding of the IEA, with a number of special events, including a series of High-Level Dialogues and an Energy Innovation Forum. The agency was founded in 1974 to ensure the security of oil supplies. Since then, the IEA's role has evolved and expanded to put it at the heart of the global dialogue on energy security and clean energy transitions.
(with ANI inputs)
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