India Calls Developed Nations To Meet Pledge Of USD 100 Bn Annually To Developing Countries For Finance, Tech Transfer

New Delhi, Oct 23 (KNN) Commerce and Industry Minister Piyush Goyal delivered India’s national statement and took part in key ministerial discussions at the sixteenth session of the United Nations Conference on Trade and Development (UNCTAD XVI) in Geneva. 

The Minister highlighted India’s global leadership in sustainability, stating that half of the country’s installed power capacity now comes from renewable sources. With 250 GW of clean energy capacity already in place, India aims to achieve 500 GW by 2030. 

Despite contributing only 3.5 percent to global emissions while hosting 17 percent of the world’s population, India continues to implement proactive climate measures. 

Goyal emphasised India’s inclusive growth model, noting that women now constitute 14 percent of the country’s entrepreneurs and that micro, small, and medium enterprises (MSMEs) generate millions of jobs.

He urged developed nations to meet their Paris Agreement commitments, including the provision of USD 100 billion annually in affordable finance and technology transfer. 

He cautioned against environmental trade barriers and burden-shifting, emphasising the need for tailored, action-oriented approaches to sustainable development.

Goyal highlighted India’s initiatives such as the Coalition for Disaster Resilient Infrastructure, the International Solar Alliance, and the Global Biofuels Alliance as models for international cooperation. 

Reaffirming India’s advocacy for South–South collaboration, he pointed to shared opportunities in critical minerals, fertilisers, and supply chain management. 

He also cited India’s digital public infrastructure — serving over one billion internet users — as a transformative model for bridging the technological divide.

The services sector, contributing 55 percent to India’s GDP, has sustained double-digit export growth for over a decade, strengthening equitable workforce mobility and global collaboration.

Addressing broader global challenges, the Minister identified growing trust deficits in multilateral institutions, non-market practices, tariff and non-tariff barriers, and the overconcentration of supply chains as pressing concerns. 

He also pointed to unilateral environmental measures, restrictive technology controls, and dilution of special and differential treatment as key issues disproportionately affecting developing nations. 

Goyal called on the Global South to speak in a unified voice to ensure fair representation in global trade governance.

On the sidelines of UNCTAD XVI, Goyal held bilateral meetings with senior leaders, including Teresa Ribera Rodriguez, Executive Vice President, European Commission for Clean, Just, and Competitive Transition, to discuss the implications of the EU’s Carbon Border Adjustment Mechanism (CBAM) on Indian exports, particularly in the steel sector. 

In his meeting with Rebecca Grynspan, Secretary-General, UNCTAD, discussions focused on the role of UNCTAD in advancing equitable economic transformation, addressing the shortfalls in developed nations’ climate commitments, and enhancing South–South cooperation.

At the Ministerial Roundtable on ‘Towards Resilient, Sustainable, and Inclusive Supply Chains and Trade Logistics’, Goyal outlined India’s progress under Atmanirbhar Bharat, emphasising self-reliance in critical sectors such as pharmaceuticals and vaccines. 

He highlighted India’s trillion-dollar infrastructure master plan, with annual investments of approximately USD 130 billion, which includes expanding airport capacity from 74 to 158 and strengthening multimodal transport networks across rail, road, and waterways. 

These efforts, he said, are reinforcing India’s role as a trusted global partner in trade and logistics.

(KNN Bureau)