The Chief of Climate Policy at the European Commission, Frans Timmermans, emphasized the urgency of a swift transition to renewable energy during his two-day visit to India. Timmermans has travelled to India to partake in crucial bilateral meetings with key Indian ministers to discuss India’s carbon emission reduction strategies and its transition towards cleaner energy.
In an interview with CNBC-TV18, Timmermans stressed the vital need for a rapid shift to more sustainable energy sources. “We know that we need to transit into renewable energy as quickly as possible. India is also very much onboard to introduce more renewable energy. So hopefully together with India, we can reach an international consensus on the levels of introduction of renewable energy on a global scale,” he said.
India, a nation that has been increasingly emphasizing energy efficiency, has shown a strong commitment to reducing its carbon footprint by implementing wide-ranging measures across multiple sectors. Timmermans also underscored the potentially pivotal role India could play in setting ambitious goals for worldwide energy efficiency.
Along with the push towards renewable energy, Timmermans expressed concern over potential delays in achieving the $100 billion target for climate financing, stating such delays could compromise the credibility of global climate action. “We need to make sure we don’t lose more credibility in delaying the promised $100 billion a year for climate financing. I hope we can reach a consensus this year that we are on the verge of reaching that target,” he stated.
Timmermans further underlined the need to modernize international financial structures, urging the institutions to be more flexible and impactful in order to finance global climate action adequately. “It is also very important that we change international financial architecture. It was built in 1945 and it needs to be brought into the 21st century so that we unleash the potential of multilateral development banks and of the international financial institutions to have a leverage effect on financing,” he concluded.
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