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Green economy is globally diverse and bound to find emerging markets like India: Taranjit Singh Sandhu, Ambassador of India to USA

Jul 20, 2022

  • India on track to achieve targets under Paris Agreement
  • Green finance to become robust stand in India-US economic relations in next 25 years

NEW DELHI, 20 July 2022: Mr Taranjit Singh Sandhu, Ambassador of India to USA yesterday emphasized that while only 7 per cent of the global market capitalisation is green economy, its value stands at US$7 trillion, and the size is growing at a fast pace. "Green economy is diverse globally but concentrated in a few countries and is bound to find new and emerging markets like in India. As India celebrates its 75 years of Independence, green finance could become bright and robust stand in the growing US-India economic relations during the next 25 years," he added.

Addressing the 'India-US Economic Partnership: From Here to Where in Next 25 years', organized by FICCI in partnership with the Embassy of India in the US, Ambassador Sandhu stated that in clean technology, India and the US together have the world's best brains and labs to create cutting-edge technologies in green Infrastructure. "India is one of the few countries that is on track to achieve the targets under the Paris agreement," he added.

Mr Sandhu further stated that India ranks fourth in the world as far as total installed renewable energy capacity is concerned. "India's fossil fuel has reached 40 per cent of the energy meets and we have achieved these by our own limited resources," he noted.

The Ambassador reiterated that India-US partnership in the fight against climate change has not only been bilateral, but it has been global too. Climate change is one of the most important challenges that India faces today which threatens the sustenance and survival of our future generations. "India and the United States are natural partners and demonstrated time and again that they can work together whenever humanity faces crisis. Both countries have strong convergence and our leadership have the intent and will to fight the global fight against the climate change," he added.

Mr Scott Nathan, CEO, US Development Finance Corporation said that India has enormous potential and the human resources to innovate at scale which is necessary to tackle the climate crisis and capture the economic opportunity it presents. "Built on a strong foundation, the US India relationship is robust and expanding. Our people are finding new ways to partner together across sectors," he added.

Mr Subhrakant Panda, Senior Vice President, FICCI emphasized that both countries must leverage their strategic partnership to create synergies and join hands to unlock green financial flows. "On the backing of significant steps taken by the government towards fostering the growth of green finance, India offers an attractive destination for sustainable capital," he added.

Ms Lida Fitts, Director, Sustainable Finance, U.S. Department of Treasury; Mr Mahendra Singhi, MD & CEO, Dalmia Cement; Mr Vikram Kumar, Global Head of Transport, Infrastructure and Natural Resources, International Finance Corporation; Mr Navneet Munot, MD and CEO, HDFC Asset Management Company Limited; Dr Mukund Govind Rajan, Chairman, FICCI Environment Committee and Chairman, E-Cube Investment Advisors Pvt. Ltd also shared their perspective on 'Co-operation for green finance for a better, greener future'.

Dr Ravi Kota, Minister (Economic), Embassy of India in US delivered the vote of thanks.

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