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B20 Summit addresses climate transition financing challenges

BusinessB20 Summit addresses climate transition financing challenges

NEW DELHI

The B20 Summit, held at the Taj Palace, deliberated ‘Financing the Climate Transition’ this Saturday, spotlighting the world’s urgent need for capital mobilisation towards climate action. Mark Carney, the UN’s voice for Climate Action and Finance, emphasised the pivotal role of Multilateral Development Banks (MDBs) in catalysing this transition. Carney highlighted the vast sums needed, particularly in tough sectors, advocating for developed nations to commit $100-150 billion annually in aid to emerging economies. He urged these nations to establish regulations fostering renewable energy adoption, diminishing fossil fuel reliance, and promoting carbon market development. Moderated by Lynn Forester De Rothschild, the discussion saw key global business figures stress collaborative approaches. Bernard Looney, BP’s CEO, stressed the urgency of addressing emissions, emphasising a prompt, structured transition. Uday Kotak, Kotak Mahindra Bank’s CEO, called for a symbiotic relationship between businesses and governments to propel clean technology.
Mark E Tucker of HSBC pledged a whopping 1 trillion USD by 2030 for climate transition. Simultaneously, Verena Lim from Macquarie Group spotlighted mature technology acceleration, like solar and wind, as pivotal in developing nations. Tata Steel’s CEO, T V Narendran, underscored steel’s significance in decarbonization.
The B20 discussions highlighted the necessity for innovative financial solutions, global collaboration, and governmental backing to address the monumental climate challenges ahead. Macquarie Group spotlighted mature technology acceleration, like solar and wind, as pivotal in developing nations. Tata Steel’s CEO, T V Narendran, underscored steel’s significance in decarbonization.The B20 discussions highlighted the necessity for innovative financial solutions, global collaboration, and governmental backing to address the monumental climate challenges ahead.

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