The UN climate summit in Egypt concluded on Sunday with a landmark decision to establish a fund to address loss and damage, but the outcome on other crucial issues such as India's call for phasedown of all fossil fuels reflected little progress.
Loss and damages fund has long been a demand of the developing world, which is facing the brunt of climate change. At COP27, talks over the fund nearly broke down late Saturday.
The UN climate summit in Egypt concluded on Sunday with a landmark decision to establish a fund to address loss and damage, but the outcome on other crucial issues such as India's call for phase down of all fossil fuels reflected little progress.
While the UN climate summit in Egypt concluded with a landmark decision to establish a fund to address loss and damage, the outcome on other crucial issues like phaseout of all fossil fuels reflected little progress when compared to the deal struck a year ago in Scotland.
The UN climate summit in Egypt concluded on Sunday with a landmark decision to establish a fund to address loss and damage, but the outcome on other crucial issues such as India's call for phasedown of all fossil fuels reflected little progress.
After India suggested a faster phase-down of all fossil fuels and not just coal, the proposal found support from other countries at the U.N. summit held in Sharm el-Sheikh in Egypt, including the European Union and the U.K.
The world’s finest IT sector of India could be a very vibrant and dynamic incubator for innovation and R&D for the shared, connected and electric mobility revolution which is going to happen in India, said Amitabh Kant, the present G20 Sherpa of India and former Chief Executive Officer of Niti Aayog.
India attempts to play catch-up in a bid with China over commercial influence in the continent of Africa. A two-day investment meeting held in New Delhi featured more than 40 African officials from 17 countries to discuss how India and African nations can further facilitate trade and investment.
More than 40 high-level officials from 17 African countries attended an investment meeting in India last month aimed at beefing up commercial relations between the two trade partners. India is trying to strengthen its ties with Africa in a bid to catch up with China, whose trade with the continent climbed 35% from 2020 to reach a record-high USD 254 billion last year—mainly due to an increase in Chinese exports.
India is among the many countries wary about Beijing’s growing influence on the continent. Beijing has pumped billions of dollars into Africa over the last decade, building roads, bridges, and power installations in return for access to markets and resources.
Indian Foreign Minister Subrahmanyam Jaishankar told the meeting that Indian–African trade reached USD 89.5 billion in the fiscal year that ended on March 31, 2021, up almost 60% from the previous year. However, data from the Ministry of Commerce & Industry show that bilateral trade between India and the 48 countries of sub-Saharan Africa amounted to USD 46.8 billion in 2020-2021, down from USD 55.7 billion the year before. India has a negative trade balance with sub-Saharan Africa, ministry figures show.
Ministers and other officials from Burkina Faso, Cameroon, Eswatini, Nigeria, South Sudan, and Zambia were among those attending the 2-day meeting in New Delhi. The CII-EXIM Bank Conclave on India-Africa Growth Partnership was launched in 2005 with the support of India’s Ministry of External Affairs and Ministry of Commerce & Industry to encourage the development of private investment from India in African countries. Over the years, the meeting has “emerged as one of the largest congregations of senior ministers, policymakers, and business leaders from Africa and India, cutting across sectors” and is playing a “pivotal role in encouraging Indian companies to establish and grow their footprint in Africa,” according to the conclave website.
India’s main exports to Africa are refined petroleum products and pharmaceuticals. Africa primarily exports crude oil, gold, coal, and other minerals to India. India is now one of the top five investors in Africa, with about USD 74 billion of investments. Most Indian investments in Africa go to Mauritius, Mozambique, Sudan, Egypt, and South Africa. Indian firms are also increasingly active in countries rich in natural resources, such as Ghana and Nigeria. Several Indian multinationals have major interests on the continent, with strategic sectors including agribusiness, pharmaceuticals, information and communications technology, and energy.
Indian Commerce and Industry Minister Piyush Goyal told participants at the meeting that his government is keen to clinch a trade agreement with Africa. Such an accord “is going to be promising for both India and Africa, because this is where the markets and opportunities are present,” he was cited as saying at the meeting.
A study titled “India’s State Owned Energy Enterprises, 2020-2050” was released by the IISD (International Institute for Sustainable Development). India has established itself as one of the leading growing economies in support of climate action. It has demonstrated leadership in the expansion of renewable energy, setting a goal to install 500 GW of non-fossil electricity by 2030 and leading the International Solar Alliance. In accordance with the Glasgow Climate Pact, India committed to achieving net-zero emissions by 2070 at the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change in 2021.