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FM Nirmala Sitharaman asks ADB to focus on Climate financing for sustainable development

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Finance Minister Nirmala Sitharaman has stressed the need for a robust Asian Development Bank (ADB) that adopts a transformational rather than incremental approach for sustainable and resilient regional development.

She said this while addressing the meeting of the Board of Governors of ADB in Seoul. The Minister urged ADB to explain its plan for meeting its ambition with more concessional climate finance, especially to middle-income economies like India, whose economic progress is consistent with the pursuit of its net zero goal by 2070.

The Finance Minister said that the Indian economy is on a relatively stronger trajectory despite prevailing economic uncertainties due to the government’s proactive policies and empowerment-led development.

She added that the Indian government continues to focus on strategic and integrated infrastructure development driven by unprecedented capital expenditure and building economic competitiveness while integrating with global value chains.

The Minister assured India’s continued support to ADB in all its endeavour including that of climate finance.

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