Taranjit Sandhu stresses role of Green finance amid growing economic ties between India-US

India's Ambassador to the US, Taranjit Singh Sandhu asserted that the Green economy is diverse around the world but "concentrated" in a few nations. He asserted that a Green economy will find new and emerging markets like India. Sandhu stressed that although the green economy accounts for only 7% of the world market capitalization, however, it is worth US$7 trillion and is rapidly increasing. According to Sandhu, green finance could take a "strong and bright" position in growing the economic ties between India and US. 

"As India celebrates its 75 years of Independence, green finance could become bright and robust stand in the growing US-India economic relations during the next 25 years," Taranjit Singh Sandhu said in the virtual conference.

He made the remarks at a virtual conference on 'India-US Economic Partnership: From Here to Where in Next 25 years', organized by FICCI in partnership with Indian Embassy in the US. Notably, the bilateral trade between US and India in goods and services had reached a record $157 billion (Rs 12 lakh crore) in 2021, according to the statement of the US State Department. Highlighting US and India's work in clean technology, Taranjit Singh Sandhu said that the two nations have the "best brains and labs" for developing technologies in green infrastructure, according to a media release issued by FICCI. He stressed that the partnership between India and US against climate change has been bilateral as well as global. He called India and US "natural partners" and added that both the nations have showcased that they can work together whenever people face any crisis. According to Taranjit Singh Sandhu, India and US have strong convergence and intent to tackle climate change. 

"India and the United States are natural partners and demonstrated time and again that they can work together whenever humanity faces crisis," Taranjit Singh Sandhu said in the virtual conference.

India working to achieve Paris agreement targets: Taranjit Singh Sandhu

Indian Ambassador to the US, Taranjit Singh Sandhu emphasized that India is one of the few countries which is making efforts to achieve its Paris agreement targets, according to a media release issued by FICCI. Speaking about India's efforts in renewable energy, Sandhu said that India is at the fourth spot in the world in terms of total installed renewable energy capacity. He further stated that India's fossil fuel has been able to achieve 40% of its energy requirement and stressed that they have succeeded in it using its limited resources. Sandhu called climate change one of the most important challenges faced by India that poses a threat to the "sustenance and survival of our future generations."

Image: ANI