Union Finance and Corporate Affairs Minister Nirmala Sitharaman has called for an effective global response and collaboration on Climate Change between developed and developing countries on the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.  Participating in the G20 Joint Meeting of Finance, Climate and Environment, and Foreign Affairs Ministers and Governors of Central Banks at the Annual Meetings 2024 in Washington DC, Ms Sitharaman emphasized the principles of equity and common but differentiated responsibilities.

The Minister also congratulated Brazil for the focus on enhancing collaborative efforts to achieve ambitious climate action. She said India supports the work of the task force that has taken forward the work of the G20 India Presidency on climate action and making the Multilateral Development Banks better, bigger and more effective. Ms Sitharaman sought a balance between developmental priorities and Climate Action, vis-a-vis channelling of a global effort by providing greater access to financial resources and technologies for developing countries at a reasonable cost.

The Union Finance Minister espoused the need to formulate a New Collective Quantified Goal that caters to the needs of developing countries without subjecting them to growth-inhibiting conditionalities in the provision of finance.