India's Finance Minister Nirmala Sitharaman Urges Concrete Action, Not Just Rhetoric, at COP28

In the lead-up to the pivotal 28th Conference of the Parties (COP28), India's Finance Minister Nirmala Sitharaman has made a forceful plea for substantial progress in climate finance and technology transfer.

At the India Global Forum Middle East and Africa 2023 (IGF ME&A) taking place in Dubai on Monday, Sitharaman articulated her concerns over the sluggish advancement on pledges outlined in the Paris Agreement, underlining the urgency for concrete actions, particularly for the developing and emerging economies that are bearing the brunt of climate change effects. She further gave assurances that geopolitical frictions would not impede the India-Middle East-Europe Corridor, a strategic initiative designed to strengthen trade and partnerships between the regions.

"India will certainly be pushing forward to showcase what it has achieved with its own funds. The Paris Commitment, given by us, has been funded by us. We didn't wait for the hundred billion that is never on the table. A lot of talk, but no money coming on the table; No pathways to show how technology is going to be transferred," she observed.

Demanding action instead of words, the Minister added, "Particularly for developing and emerging market economies, funding this is going to be a huge challenge. So, I would think the conversations can happen, a lot of talk can happen but eventually COP 28 should show the direction, both for transfer of technology and for the actual funding."

While admitting there would be challenges, Sitharaman said that the current geopolitical tensions in the Middle East would not affect the ambitious India-Middle East-Europe Corridor (IMEEC) that was announced during the G20 Summit in September.

"IMEEC is not going to be dependent on one or the other major event of concern, but it is something on which the vision drives the implementation in the long run. So, it's going to face challenges alright, but it has got its own strengths, and countries who are directly or indirectly in connection with this project are absolutely clear that this, through India, is going to be critical for global trade, global partnerships and also making sure that this corridor will benefit each one of these countries," she said.

Under the theme 'Unleashing Ambitions,' IGF ME&A convenes business leaders, policymakers, and thought leaders from India, the Middle East, and Africa to discuss opportunities for further collaboration and growth between these regions through a series of exclusive networking opportunities, panel discussions, and keynote speeches, covering a range of topics including trade, investment, innovation, technology, and sustainability.

Underscoring shared economic interests, India Global Forum Founder and Chairman, Manoj Ladwa said, "With India's growing dependability as a trusted global partner, its expertise in digital innovation, and enterprise, the Middle East's financial might and geographic position as a gateway between east and west, and the diversity, scale, and untapped human capital of Africa's markets, there is every reason to work together to achieve our common goals of bringing about sustainable and rapid economic prosperity. Or to put it another way, what reason could there possibly be not to work together?"

The transformative role of Artificial Intelligence (AI) was a recurring motif, with the UAE's Minister of Artificial Intelligence, Omar Al Olama, extolling the dynamic impact of AI on fostering economic progress and societal transformation. He commended India's strides in developing homegrown AI platforms and stressed the importance of prudent governance and regulation of AI technology.

"If anyone, whether in the UAE or another country, says we're going to stop or not allow you to use these tools, it's going to have a detrimental impact on your quality of life. This is the fact of the matter. That's why countries like India, for example, went down the non-conventional path of creating its own platforms, which I think is very smart and really the way that many countries of that size need to go. In that sense, AI is driving the economy, AI is impacting the society. And AI is today the technology that is enabling people to go into the 21st century in the right way. Governing it the right way, regulating it the right way and developing certain forms of the right way is really the only way to go."

Meanwhile, voicing scepticism on AI regulation, the UAE Minister said: "Calls for regulation of AI are non-starters and I've been saying this for a few years. You don't regulate electricity, you regulate where electricity is used and what are the outcomes. AI is a field of computer science. It is very difficult for you to have one set of regulations that cut across all case scenarios. Secondly, the impact of AI differs on geography. I'm sure the Indian stakeholders in India that are looking at the impact of AI in India will see much different challenges to India than I'm seeing in the UAE because of demographic differences, because of different job classes and types of jobs and maturity of the technology."

In conclusion, forums like the IGF ME&A are vital for setting the agenda and building momentum towards large-scale international conferences such as COP28. By fostering dialogue and highlighting critical issues like climate finance, technology transfer, and the potential of AI, these platforms can catalyze change and spur nations into action.

IGF Forum also witnessed interventions from Paytm CEO Vijay Shekhar Sharma, Gujarat Industries Minister Harsh Sanghavi, and Author and Monk Gaur Gopal Das among others.

To watch the day's sessions please click here and to access the photo gallery click here

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