Collaboration is needed to tackle climate change as individual countries cannot make effective strategies in isolation, he said at the Global 59th SEACEN Governors’ Conference in Mumbai.
“While the investment needs for a smooth green transition are large, the actual financial flows to green projects are highly skewed and are, by and large, concentrated in advanced economies. As a result, there is a need to enhance green capital flows to EMEs. At the same time, we have to be mindful of the potential financial stability implications of the green transition,” he said.
“We need to chalk out an effective strategy for global cooperation and coordination to deal with multiple challenges afflicting the global economy. Multilateralism must be re-energized. In this regard, agreements on a critical minerals corridor and a food corridor for safeguarding food security are necessary. Such arrangements have to be fair and equitable.”
Improving infrastructure is paramount for long-term growth. While investing in roads, ports, airports, electricity, and water is crucial, equal emphasis must be placed on developing soft infrastructure like education, health care, legal, financial, and institutional frameworks. Skill development and increasing female labour force participation are essential for improving efficiency and unlocking any region’s growth potential.
First Published: Feb 15 2024 | 2:10 PM IST