As the fastest-growing economy, India’s energy security is important for global growth – PM Narendra Modi at G20 Summit

“India’s energy security is also important for global growth, as it is the world’s fastest-growing economy.  We must not promote any restrictions on the supply of energy and stability in the energy market should be ensured”, PM Narendra Modi said during his address during the session on Food and Energy Security at the G20 summit on Tuesday.

In his address, the PM highlighted India’s efforts to further food security for our citizens. He also spoke about the need to ensure adequate supply chains as far as food and fertilisers are concerned.

Climate change, the Covid pandemic, the developments in Ukraine, and the global problems associated with it. All these together have caused havoc in the world. Global supply chains are in ruins. There is a crisis of essentials and essential goods all over the world. The challenge for the poor citizens of every country is more severe. Everyday life was already a struggle for them. They do not have the financial capacity to deal with the double whammy. Due to the double whammy, they lack the financial capacity to handle it. We should also not hesitate to acknowledge that multilateral institutions such as the UN have been unsuccessful on these issues. And we have all failed to make suitable reforms to them. Therefore, today the world has greater expectations from the G-20, and the relevance of our group has become more significant, he said.

Reiterating that world leaders have to find a way to return to the path of ceasefire and diplomacy in Ukraine, Modi said the onus of creating a new world order for the post-Covid period lies on our shoulders. “The need of the hour is to show concrete and collective resolve to ensure peace, harmony and security in the world. I am confident that next year when the G20 meets in the holy land of Buddha and Gandhi, we will all agree to convey a strong message of peace to the world”, he said.

The current shortage of fertilizers in terms of food security is also a huge crisis. Today’s fertilizer shortage is tomorrow’s food crisis, for which the world will not have a solution. We should build mutual agreement to maintain the supply chain of both manure and food grains stable and assured, he said.

Highlighting India’s transition to renewable energy sources, PM Modi said that India is committed to clean energy and environment and said that by 2030, half of India’s electricity will be generated from renewable sources. Time-bound and affordable finance and sustainable supply of technology to developing countries are essential for inclusive energy transition, he said.

_{(Source: MEA India)}

SamvadaWorld Staff