FM Nirmala Sitharaman Calls For Fair Financing For Global South At Rio Summit

FM Nirmala Sitharaman urges fair, trust-based financing for the Global South at Rio meet; highlights India’s inclusive model.

Finance Minister Nirmala Sitharaman addresses the Governors Seminar in Rio de Janeiro, stressing India's leadership role in financing sustainable development for the Global South.

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Rio de Janeiro, July 5 (IANS) India, with its dual role as a leading emerging economy and a global influencer, is uniquely positioned to lead the transformation not just for itself, but for all those who share its aspirations, Finance Minister Nirmala Sitharaman has stressed.

Adrdessing the flagship ‘Governors Seminar’ on the theme 'Challenges for Financing Sustainable Development for the Global South' here during an official visit, FM Sitharaman said that financing sustainable development in the Global South is not just about raising funds — it’s about building fairness, trust and leadership.

“For India, accelerating development is essential to ensure access to housing, healthcare, education and livelihoods for millions. At the same time, climate-related risks such as heatwaves, water stress, and extreme weather events are also increasing,” she told the gathering.

India is also increasingly working to integrate them through initiatives like the National Electric Mobility Mission, and province-level climate action plans.

“The real challenge is not choosing between development and sustainability, but designing policies - particularly in partnership with Emerging Markets and Developing Countries (EMDEs) - that promote inclusive growth and strengthen sustainable development,” the Finance Minister mentioned.

According to her, as we strive towards the 2030 agenda, “the financing gap for Sustainable Development Goals (SDGs) in developing countries has widened to over $4.2 trillion annually post-pandemic, reflecting the widening gap between ambition and reality.”

“India stands at a unique crossroads. The aspirations of a billion people converge with the imperatives of a fast-changing planet. And in this moment, policy will determine pace. India has demonstrated how scale and speed can go hand-in-hand,” she added.

Through transformative policy initiatives like UPI, Aadhaar and Jan Dhan, the country has driven financial inclusion even to the last-mile.

“Our policy ecosystem has been further strengthened by programs such as the Gati Shakti National Master Plan, the National Green Hydrogen Mission and installation of over 220 GW of renewable energy capacity to accelerate clean energy transition. These efforts are complemented by a commitment to macroeconomic stability,” the Finance Minister highlighted.

In recent years, India has laid a strong foundation for green finance through initiatives like sovereign green bonds, ESG disclosure mandates and the proposed taxonomy for climate finance.

She further stated that India is building a more resilient, inclusive and innovation-driven financial architecture that aligns capital with climate and development goals.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)