anantha nageswaran: There is far less support for climate policy in rich nations, says CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran said Monday that developed countries need to convince their publics of the urgency of taking action to mitigate climate change, noting that in rich countries there is far less support for climate action, including fossil fuel taxes, give. Referring to the issue of developed world funding for poor countries to deal with climate change, Nageswaran said it was unrealistic as they face far greater challenges at home.

In high-income countries, there is far less support for climate policies, including fossil fuel taxes, he said at an event here.

Nageswaran pointed out that when developed countries tell developing and emerging countries what they should do in the future, there is an even more urgent and important task in their hands.

“This should convince the public of the importance of climate protection policy.

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

Citing a report, Nageswaran pointed out that while overall support for green policies is lowest in Denmark, France and Germany, followed by Australia, Australia, Canada, Denmark, Germany, the UK and US countries are particularly opposed to CO2 taxes.

“Therefore it is unrealistic if we look for financial support from developed countries because they have much bigger challenges at home,” he said.

Nageswaran stressed that finance is vital and that finance must be mobilized from public, private and multilateral sources, saying: “We should not jeopardize the budgetary health of both developed and developing countries.”

He said infrastructure development is vital to the Indian economy and asset monetization is about economic efficiency of assets.

Last year, Prime Minister Narendra Modi announced a bold pledge that India would achieve net-zero carbon emissions by 2070, assuring that it was the only country to meet the commitments to tackle climate change under the Paris Agreement “in Word and Spirit”.

Modi had also said that India is putting climate change at the heart of its policies and stressed the need to include climate change adaptation measures in the school curriculum to raise awareness of the issues among the next generation.

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