New Delhi: Finance Minister Nirmala Sitharaman on Saturday said India has hiked spending on climate action in the last six years to 5.6 per cent of GDP, demonstrating the country’s pursuit of meeting nationally determined goals on curbing carbon emission.
Participating in a panel discussion at the Munich Security Conference, she said India has increased its commitment to climate action.
“Six years ago, we were spending approximately 3.7 per cent of our GDP on climate action. Today, that figure is close to 5.6 per cent. We have invested the funds. We are not waiting for financing and technology to come from elsewhere but they must come,” she said.
She further said that India will continue to invest in renewable energy, and we have been steadily building on that commitment.
Carbon capture strategies have been funded in the Union Budget 2026-27 so that they can be implemented across the country, she said, adding that they are being incentivised.
Furthermore, she said, India has achieved two-thirds of its nationally determined commitments in the renewable sector and that too four years ahead of the target date.
Making a case for differentiated cost of climate action, Sitharaman said, country which are less polluting should contribute less towards climate action.
“As much attention as we give to emission control, we need to look at resilience and adaptation. Otherwise, you’re going to sacrifice a lot. Technologies will have to talk to each other. No one can say they’ve created a perfect system to counter climate concerns,” she said.
And it can’t be that countries which have contributed less to emissions are made to pay equally, she said, adding that bearing the cost of climate action will need differentiated treatment.
