Where is the $100 billion? India to remind developed bloc at G-20

Beijing, Aug 19: India will raise the issue of climate change at the upcoming G-20 Summit in China where it will remind developed nations about their commitment to mobilise $100 billion for developing countries, a top government official said here on Friday.

"There will be emphasis on appealing to the countries to carry forward the commitment to the issue of climate change and climate change finance," Economic Affairs Secretary Shaktikanta Das told IANS.

"There was a $100 billion commitment which has been made by developed countries -- that 100 billion is nowhere near sight. We would like to again stress the importance of developed nations making available that $100 billion," Das said while speaking to IANS on the sidelines of Indo-China Financial Dialogue.

Six years ago, developed countries had committed $100 billion to developing nations for cutting their greenhouse-gas emissions. The developed bloc has to provide the sum by 2020.

"And this $100 billion should be new and additional source of financing. It should not be the reclassification of existing flow of finance," he added.

Das said that India will also push for structural reforms at the two-day summit, beginning from September 4 at Hangzhou in China.

"Our emphasis is to appeal to the world community to continue with the policy of structural reform. That's the only way you can survive and sustain the economic growth," Das said.

"In India, as you know, our track record in the last two years is very strong. We have done huge amount of liberalisation in FDI (Foreign Direct Investment) policy. With regard to FDI, we are the most open economy in the world today," he added.

Das hoped the summit would be inclusive as it was being held in Asia.

"The main focus will be achieving sustainable economic goals and inclusive and innovative growth," he said.

"It is interesting because when the summit is held in Asian country the issue of inclusiveness comes in that is because inclusiveness is a priority of all the Asian nations. You won't see inclusiveness when the summit is held in Europe because the theme or agenda is decided by the chair of G-20."

"When the summit was held in Cairns in Australia in 2014, it only talked of economic development, etc. When it came to Asia in Antalya the inclusiveness came. In China, too, inclusiveness comes in," Das said.

Talking at the Dialogue, Das underlined how India and China can help the world economy to recover.

IANS