New Delhi, February 14 Finance Minister Nirmala Sitharaman said on Saturday that India has increased its spending on climate action to 5.6 per cent of GDP in the last six years, demonstrating the country's commitment to achieving its nationally determined goals for reducing carbon emissions.
Participating in a panel discussion at the Munich Security Conference, she said that India has increased its commitment to climate action.
"Six years ago, we were spending approximately 3.7 per cent of our GDP on climate action. Today, that figure is close to 5.6 per cent. We have invested the funds. We are not waiting for financing and technology to come from elsewhere, but they must come," she said.
She further stated that India will continue to invest in renewable energy, and we have been steadily building on that commitment.
Funding for carbon capture strategies has been allocated in the Union Budget 2026-27 so that they can be implemented across the country, she said, adding that incentives are being provided.
Furthermore, she said that India has achieved two-thirds of its nationally determined commitments in the renewable sector, and that too four years ahead of the target date.
Sitharaman argued that countries with lower emissions should contribute less to climate action.
"As much attention as we give to emission control, we need to also look at resilience and adaptation. Otherwise, you're going to sacrifice a lot. Technologies will have to talk to each other. No one can say they've created a perfect system to counter climate concerns," she said.
And it cannot be that countries which have contributed less to emissions are made to pay equally, she said, adding that differentiated treatment will be needed in bearing the cost of climate action.
