Reform global institutions to reflect today's realities, Says PM Modi

New Delhi, May 21 (KNN) Prime Minister Narendra Modi has called for reforming the global institutions to reflect today's realities.

In an article co-authored with his Swedish counterpart Ulf Kristersson, Modi noted that a rules-based international order anchored in international law and sovereign equality has helped create decades of relative stability and development. 

"Yet today’s challenges of climate change, industrial transformation, supply-chain disruptions and energy transition require a renewed spirit of practical and inclusive cooperation," the article stated.

The op-ed article highlighted that India has emerged as one of the world’s fastest-growing major economies while pursuing one of the world’s largest renewable energy transitions. 

"As a major growth engine, and a responsible voice of the Global South, India’s two defining milestones for the near future are to achieve ‘developed country’ status by 2047 and Net Zero emissions by 2070. These domestic goals are deeply intertwined," it stated.

The article lauded Sweden's policy action in the area of green energy leading to the European nation's electric grid becoming 98 per cent fossil-free. 

"The contribution of the private sector in innovation and exports of climate-friendly solutions cannot be overstated. All in all, emissions have decreased by more than a third since 1990 — and during this time, the size of Sweden’s economy has almost doubled," it said.

The article said that industrial transition can succeed only if it can deliver tangible economic value and social progress.

"Solar, wind, hydropower, nuclear energy, storage technologies and low-carbon industrial solutions will all have important roles to play depending on national circumstances and priorities," it said.

(KNN Bureau)