Kochi: The Third G20 Framework Working Group (FWG) meeting held here deliberated on key areas like macroeconomic risks stemming from climate change and transition pathways, V Anantha Nageswaran, Chief Economic Advisor to the Government of India, said on Wednesday (June 14). After the conclusion of the two-day long FWG meeting, Mr. Nageswaran interacted with reporters at a press briefing where he said that discussions were also held on how governments handled food and energy security issues in the limited fiscal space they had after an increased spending on health related matters.
He said that as far as climate change and transition pathways were concerned, there was a broad agreement among the FWG panellists on the positive impact that the green transition can have on growth, primarily through increased investment in the long run. He said,
We have to make investments in green technologies, renewable energy, solar modules and panels, wind turbines
However, in view of the uncertain pace of transition, as it has to happen all over the world, the recent supply shocks and disruptions, countries should be prepared to deal with the potentially high fiscal costs of climate change and transition policies, he said.
Regarding emerging market economies and low-income countries, the panellists were of the view that while it was critical for them to pursue transition policies, they also needed to focus on their economic growth. Mr. Nageswaran said,
For emerging market economies and low-income countries, while it is critical to pursue transition policies, they also need to account for their growth priorities. Therefore they need enhanced access to low-cost financing and technology to enable the implementation of transition policies
He also referred to a side event organised on the second day when panellists discussed the risks and benefits of financial globalisation. Besides that, they also discussed the role of the G20 FWG in comprehending macroeconomic policy challenges facing countries as they seek to embrace financial globalisation to help finance their climate and developmental goals, he said.
Additionally, events were also planned to give the delegates a chance to enjoy Kochi’s natural splendour and cultural heritage, Mr. ageswaran said. He futher added,
The delegates were also hosted to a ‘Sadhya’ (feast) on plantain leaves accompanied by a cultural performance which was greatly appreciated by the delegates
Mr. Nageswaran also mentioned the Jan Bhagidari events held by the Reserve Bank of India. He said that the Jan Bhagidari events were aimed at enhancing G20 discussions by fostering inclusivity and people-centricity.
The Third G20 FWG meeting under India’s G20 presidency was jointly chaired by Mr. Nageswaran and Tom Hemingway, Deputy Director, HM Treasury, United Kingdom.
More than 75 delegates from G20 member nations, invitee countries, and various international and regional organisations participated in the two-day long meeting, a government release said. The G20 FWG focusses on global macroeconomic issues of current relevance, it said.
The Second G20 FWG meeting was held in Chennai from March 24 to 25 where 87 delegates from G20 member countries, invitees and international organisations took part.
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