Goyal said that to strengthen the economies of the partner countries, liquidity is needed to ensure financial stability to fund the future
Commerce and industry minister Piyush Goyal emphasised that countries need to be given responsibilities towards the environment and sustainability based on their contribution to the problem. Speaking at the inaugural session of the Confederation of Indian Industry (CII) Partnership Summit 2024 on Monday, Goyal added that the global south is not responsible for global environmental damage but the developed countries who enjoyed the benefit of low-cost energy.
Trade ministers from the Italian Republic, State of Israel, Bhutan, Bahrain, Algeria, Nepal, Senegal, South Africa, Myanmar, Qatar and secretary of state for ministry of commerce of Kingdom of Cambodia were also a part of the summit.
Goyal further stressed on the fact that each of the partner countries has shared responsibilities towards environment and sustainability but countries present at the summit are responsible for the damage to the environment.
"Therefore, the responsibilities towards shared supply chains and sustainability will have to be met through common but differentiated responsibility," he said.
Goyal said that to strengthen the economies of the partner countries, liquidity is needed to ensure financial stability to fund the future.
The minister noted that there is a need to curb consumption patterns and that environmental challenge is not a function of the carbon emitted through manufacturing. He said that the issue needs to be looked into as a function of the carbon footprint caused by consumption.
"Consumption waste is not going to make the world a better place to live in and the world will have to reflect on lifestyles and a circular economy. While pursuing the goal of a good lifestyle we have to be conscious of the waste and of the carbon footprint that we leave." Goyal added.
Goyal highlighted that inclusivity is the core of all development activities and innovation, industry, infrastructure, investment and initiative will help the countries become more inclusive faster. He said that energy is the driver and single-most contributor of economic growth in the world and it will determine the future.
He stressed that there is a need to empower the youth with education and skill to grapple with the challenges of tomorrow.