All finance news

Decouple trade policy from green goals: Goyal to developed countries

0 24

“We do hope the developed world will not use the interplay of trade and climate challenge too much…We have to decouple the trade policy and our green goals and let the trade policy look for more inclusive growth all over the world,” Goyal said.Commerce and industry minister Piyush Goyal on Monday said that trade policy and green goals should be decoupled, and asked the developed world to not use the interplay of trade and climate challenge. At the United Nations Trade Forum, he also stressed on differentiated responsibilities for the developing world and the developed countries to restrict the global temperatures from rising,

“(It is) very unfair today to bring trade policy and trade barriers and use trade as a means to foist upon the developing world or the less developed countries,” Goyal said.

Goyal’s statement comes after India on Sunday called on the G7 nations to keep their unfulfilled promise of setting aside $100 billion annually to finance mitigation and transfer of technology to developing countries to meet the challenges posed by global climate change.

“We do hope the developed world will not use the interplay of trade and climate challenge too much…We have to decouple the trade policy and our green goals and let the trade policy look for more inclusive growth all over the world,” Goyal said.

The minister said that trade should allow all countries to prosper and not create barriers which will become a hindrance to take prosperity to the poor, lesser developed countries and that the UN and United Nations Framework Convention on Climate Change should focus on getting the world together to fulfill their commitments around climate change.

“Trade will stand on its own legs and climate change will get equal importance and focus,” Goyal said.

Emphasizing that countries such as India have not really contributed to the problem of climate change in the first place with very low contribution to emissions, he said it is important that there should be differentiated responsibilities when it comes to the less developed or developing world and the developed countries.

“They have to fulfill the commitments they made in Paris, particularly relating to capital and technology…Climate justice should be protected and developed countries should reconsider their pattern of consumption and focus on sustainable lifestyles,” Goyal said.

He said India is one of the few countries which is very carefully monitoring the progress it is making and submits bi-annual reports to the UNFCCC. The minister was confident that the country will exceed its nationally determined contributions, would love to do better than its commitment.

Source: indiatimes.com

Leave A Reply