In a virtual session at the inaugural India Global Forum Middle East and Africa 2023 (IGF ME&A), India’s Finance Minister, Nirmala Sitharaman, demanded tangible action on climate funding and technology transfer ahead of COP28. The event, themed ‘Unleashing Ambitions,’ brought together business leaders, policymakers, and celebrities to explore collaboration opportunities between India, the Middle East, and Africa.
Minister Sitharaman expressed her concerns at the lack of progress in climate finance and technology transfer, stating, “A lot of talk, but no money coming on the table; No pathways to show how technology is going to be transferred.” Emphasizing the urgency for action, she added, “COP 28 should show the direction, both for the transfer of technology and for the actual funding.”
Addressing the challenges faced by developing and emerging market economies, Sitharaman highlighted the need for concrete outcomes at COP 28. She insisted that conversations and discussions should translate into meaningful steps for climate action, particularly focusing on funding and technology transfer.
Responding to concerns about geopolitical tensions in the Middle East affecting the India-Middle East-Europe Corridor (IMEEC), Sitharaman remained optimistic. She stated that IMEEC is a long-term vision and would not be swayed by immediate events. “It’s going to face challenges alright, but it has its own strengths, and countries connected to this project are clear that this, through India, is critical for global trade and partnerships,” she affirmed.
The India Global Forum Middle East and Africa 2023, under the theme ‘Unleashing Ambitions,’ provided a platform for discussions on trade, investment, innovation, technology, and sustainability. The event highlighted shared economic interests between India, the Middle East, and Africa.Founder and Chairman of India Global Forum, Manoj Ladwa, emphasized the potential for collaboration, stating, “With India’s growing dependability as a trusted global partner, the Middle East’s financial might, and Africa’s untapped human capital, there is every reason to work together to achieve our common goals of sustainable economic prosperity.”
The IGF ME&A event showcased India’s pace of change and growth, positioning the country as an opportunity for global business and collaboration. As the world anticipates COP28, Minister Sitharaman’s call for decisive action resonates as a crucial step towards addressing climate challenges.