New Delhi: Prime Minister Narendra Modi on Wednesday said India is the world’s fastest-growing major economy and the International Energy Agency (IEA) will benefit from the talent, technology and innovation brought to the table by the country.
In a recorded message at the Ministerial Meeting of the Paris-headquartered organization, PM Modi said that India exceeded its Paris Climate commitments, ahead of the timeline.
“India is the world’s fastest-growing major economy. Sustained growth needs energy security and sustainability. In one decade, we went from the 11th-largest economy to the fifth-largest. In the same period, our solar energy capacity grew 26-fold. Our renewable energy capacity also doubled. We exceeded our Paris commitments in this regard, ahead of timelines,” the Prime Minister said.
PM Modi underscored that despite being home to 17 percent of the world’s population, India’s carbon emissions account for only 4 percent of the global total. “However, we are firmly committed to combating climate change,” he said.
The Prime Minister congratulated IEA for its 50th Anniversary and extended his gratitude to Ireland and France for co-chairing the meeting. “I am sure that the IEA will benefit when India plays a bigger role in it,” he said.
Emphasizing the importance of inclusivity in boosting the credibility and capability of any institution, PM Modi said “1.4 billion Indians bring talent, technology and innovation to the table. We bring scale and speed, quantity and quality to every mission.”
The Prime Minister noted that India has already led initiatives such as the International Solar Alliance and Our Mission Life, which focuses on pro-planet lifestyle choices for a collective impact.
‘Reduce, Reuse and Recycle’, said the Prime Minister is a part of India’s traditional way of life.
PM Modi also thanked the IEA for their support for the initiative of the Global Biofuels Alliance, which was launched during India’s G20 Presidency.
The 2024 IEA Ministerial Meeting comes at a crucial time for energy markets and clean energy transitions globally. Major issues include the risks to energy security linked to Russia’s invasion of Ukraine, geopolitical tensions in the Middle East and beyond – and international efforts to deliver on the outcomes of the COP28 climate change conference, according to the agency’s official website.
Fifty years on from the founding of the IEA amid the 1970s oil shock, this milestone event offers the opportunity to reflect on how the global energy system has changed and how to tackle the energy and climate challenges the world faces today and in the coming decades.
The 2024 IEA Ministerial Meeting was an occasion to mark the 50th Anniversary of the founding of the IEA, with a number of special events, including a series of High-Level Dialogues and an Energy Innovation Forum.
The IEA was founded in 1974 to ensure the security of oil supplies. Since then, the IEA’s role has evolved and expanded to put it at the heart of the global dialogue on energy security and clean energy transitions.
