(MENAFN- Live Mint) Union Minister of commerce and industry Piyush Goyal on Monday said the Global South bears little responsibility for environmental damage, which he attributed to developed nations that historically benefited from low-cost energy.
Addressing the CII Partnership Summit 2024, where the audience included trade ministers and representatives from countries such as Italy, Israel, Bhutan, South Africa and Qatar, Goyal said nations of the Global South have historically borne the brunt of environmental challenges without reaping the benefits of low-cost energy, unlike developed nations.
Also Read: Mint Quick Edit | Goyal's angst: Online platforms are using predatory pricing
“Countries present here are not responsible for the damage to the environment. Responsibilities for sustainability and shared supply chains must be based on contributions to the problem,” he said.
He added that equitable global cooperation to tackle environmental challenges is needed while stressing the need for a balance between tradition and technological advancements.
The minister also highlighted the transformative potential of new technologies like artificial intelligence and automation on employment and livelihoods, urging nations to prepare their youth with the necessary skills.
"India, with its vast pool of aspirational youth, is empowering them through education and skilling to face tomorrow's challenges,” he added.
Sustainability and consumption Meanwhile, speaking at length about the environmental consequences of excessive consumption, Goyal urged countries to rethink consumption patterns, emphasizing a circular economy and reduced carbon footprints.
Also Read: We should listen to the Global South's outcry on the Gaza war
“While we strive for better lifestyles, we must also reflect on the waste and carbon emissions we leave behind,” he said.
The minister added the importance of energy as a cornerstone of economic growth, linking it to financial stability and innovation.
"Energy will determine the future, and we must ensure liquidity and stability to fund sustainable development,” he added.
Inclusivity and global cooperation Goyal stressed inclusivity as the foundation of global development, advocating for innovation, infrastructure, investment, and industry to foster inclusive growth.
He also called for stronger trade and tourism ties among partner nations to boost economic cooperation.
Also Read: The world should stay vigilant over a debt crisis in the Global South
Reflecting on the geopolitical challenges of the day, he echoed Prime Minister Narendra Modi's call for peace, dialogue and diplomacy, urging partner nations to align their interests for shared prosperity.
"Synergy among partner countries can send a message of oneness to the world," he added.
MENAFN02122024007365015876ID1108946030
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.