The ongoing UK-India Week, organised by India Global Forum (IGF), took on a green focus with its Climate Finance and Technology Summit at Bloomberg in London.
“Prime Minister Modi is very committed to the issue of climate action. There’s a real commitment on the part of the Indian govt to work with the UK on climate goals,” said British Indian minister and COP26 President Alok Sharma, in his session on ‘Reimagining the Road to COP27’.
“We managed to get almost 200 countries to agree to a historic climate pact at COP26 because every country saw it’s in their own self-interest to act. If I look at the scorecard, yes there’s been progress, but we really need to speed up for COP27 at Sharm El-Sheikh,” he said.
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With reference to the Russia-Ukraine conflict, the minister added: “What we have learnt is that we cannot rely on fossil fuels and there is the need to accelerate on renewables.”
Sharma was among a series of high-profile policymakers, green energy experts and industry leaders at the vanguard of climate action, especially within the UK-India corridor.
Lord Gerry Grimstone, UK’s Minister of Investment, noted: “I would like Indian companies to raise green finance in the UK. We should also encourage universities to work on this and exchange their PhD students. I am confident that it’s going to happen.”
Bhupender Yadav, India’s Minister for Environment, Forest and Climate Change, made the focus of his session on climate adaptation finance besides just mitigation.
Joining virtually from New Delhi, the senior minister said: “For the developing countries, adaptation finance is important and the $100bn finance goal must be fulfilled by the developed world. And this climate finance must address the three essential Ss – scope, scale and speed.
“Climate change is not some disaster waiting for us in the future, but it’s our current reality. India is relying mainly on domestic resources to implement adaptation and mitigation action on mission mode.”
Spiritualist and Isha Foundation Founder, Sadhguru, brought the message of his Save Soil campaign to the summit.
He said: “As a generation, we face a challenge, but we have the privilege and opportunity to turn things around too.
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“Without addressing soil, how can you address climate change or global warming? In the last 25 years, we have lost 10 per cent of the world’s land for desertification. What else does it take to wake us up?”
Addressing a critical issue facing the planet, the Summit this week involved a range of stimulating conversations on funding climate action. Bringing together global leaders from diverse industries with a common purpose to energise climate action, the delegates discussed the way forward to secure much-needed funds to tackle climate change.
Prof. Manoj Ladwa, Founder and CEO of IGF, said: “Quick action is needed if we are to leave behind a habitable world for the coming generations. Here, technology will play a disruptive role in leapfrogging us ahead in the fight against climate change.
“IGF is playing a crucial role in seeking the most efficient routes to achieving technological and financial sufficiency in our common and global fight against climate change.”