Union Finance Minister Nirmala Sitharaman has called for climate action strategies to be based on the principles of the Paris Agreement and noted the criticality of timely fulfilment of international commitments on climate finance and technology transfer.
Participating through virtual mode in the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting — third under the Italian presidency—Sitharaman urged the G20 countries to align recovery strategies with climate concerns.
Sitharaman referred to the global risks in view of the emerging Covid-19 variants and highlighted the need for international coordination and cooperation on this front.
She shared recent policy responses of Indian government to strengthen the health system and economy, including the efficient application of CoWIN Platform to scale-up vaccination in India. Sitharaman added that this platform has been made freely available to all countries as humanitarian needs outweigh commercial considerations in this extraordinary crisis.
The two-day meeting held on July 9-10 saw discussions on a wide range of issues including global economic risks and health challenges, policies for recovery from the Covid-19 pandemic, international taxation, sustainable finance and financial sector issues.
The G20 Finance Ministers and Central Bank Governors reaffirmed their resolve to use all available policy tools for as long as required to address the adverse consequences of Covid-19, an official release said.
Sitharaman appreciated the Italian G20 Presidency for identifying three catalysts of resilient economic recovery from the pandemic as being Digitalisation, Climate Action and Sustainable Infrastructure and shared the Indian experience of integrating technology with inclusive service delivery during the pandemic.
The Finance Minister stated that as the co-chair of Framework Working Group of the G20, India along with the United Kingdom (UK), views digitalisation as an agenda that will continue to play a key role in bolstering economic growth.
The Finance Minister joined other G20 members in welcoming the Report of the G20 High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response and emphasized on the urgent need to strengthen multilateralism for global health.
Regarding the “Statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy” released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS-IF) on July 1, the G20 Finance Ministers called on the OECD/G20 BEPS-IF to swiftly address the remaining issues. Sitharaman suggested that further work needs to be done to ensure a fairer, sustainable and inclusive tax system which results in meaningful revenue for developing countries, the release added.