The issue for the nation is to satisfy the predicted growth in energy demand and to quickly switch from fossil fuels to renewables because it is one of the fastest expanding economies in the world
According to Governor of the Reserve Bank of India Shaktikanta Das, India is the "5th best-performing country globally" and the "highest-ranked G20 country" on the Climate Change Performance Index 2023.
Speaking at the 17th K P Hormis Memorial Lecture, the RBI Governor remarked, "Given that India is widely expected to remain as one of the fastest growing economies in the world, our energy demand could rise manifold. The challenge for us is twofold: one, to meet the projected increase in energy demand; and two, to rapidly transition from fossil fuel to renewables."
He added, "Climate proofing of our infrastructure has also been a priority, more so in view of the large investment in infrastructure in recent years.”
The RBI governor stated that India is leading international efforts to address these issues through participation in international organisations like the Coalition for Disaster Resilient Infrastructure (CDRI)4.
The G20, which accounts for 85% of the global GDP and 75% of global trade, was put to the test by the ongoing global crisis, according to the governor. "Following the East Asian financial crisis of 1997, the G20 was founded in 1999 as a forum for the Finance Ministers and Central Bank Governors to discuss global issues and policy options," he added.
"After the global financial crisis of 2008, G20 was upgraded to the level of heads of states/governments in 2009," RBI governor said, adding "In an interconnected world, national policies alone may not be fully effective when the nature of the shocks is global and persistent."