Development of infrastructure and quality of life complement each other. Giving importance to both the aspects in the global development model is essential for the formulation of policies and for a safe and secure future for the next generation.
Eco-friendly lifestyle is absolutely necessary in the present global circumstances. Brainstorming took place in the second plenary session of the special Think T-20 programme under the G-20 on “International Solidarity, State-of-the-art Technology and Availability of Adequate Finance” in the session “Financing Resilient Infrastructure and Sustainable Transition Towards Life” chaired by Shyamala Gopinath, Former Deputy Governor, Reserve Bank of India, at Kushabhau Thakre International Convention Center, Bhopal.
Gopinath mentioned India’s Panchamrit goals to the world by Prime Minister Narendra Modi. He said that availability of finance is important for the world along with India to adopt an environment friendly development path. In this, determination of the role and co-operative attitude of development finance institutions (DFIs), multilateral institutions, carbon market instruments and role various nations will facilitate the achievement of the goal.
Prof M Suresh Babu, Advisor of Prime Minister Economic Advisory Committee New Delhi said that today the world is grappling with pandemic and extreme weather conditions. These incidents have adversely affected the infrastructure. It has displayed the need for infrastructure to be developed in such a way that it can withstand the ravages of time and natural changes. Along with this, the development work should be environment friendly. In this work, along with technology and research, global co-operation is required in the availability of finance.
Along with the calculation of the initial expenditure in infrastructure development, their maintenance should also be included in the consideration, so that it will be useful for the future generations as well. Social participation and shared responsibility are vital in this process. Along with the prevailing financing tools, attention should be given to innovative finance sources, it is necessary to have a strong legal framework with inclusive finance availability.
Nicolas Buchoud, Co-founder and President, Grand Paris Alliance for Metropolitan Development, France, underlined that innovation comes from the intelligentsia, the private sector and industry, not from the government system. Therefore, harmony is necessary in various enlightened classes and the global system.
Prof Sony Kapoor, European University Institute, Italy, said that the capital cost of meeting energy needs with renewable and eco-friendly resources is three times higher than with existing resources. There is a collateral relationship between development and environment. He emphasised that India’s per capita carbon footprint is very low as compared to developed countries. But keeping the environment in mind, human capital cannot be ignored in global development.
Paying attention to human capital, if we can meet the finance and other basic requirements for the development of human resources, it will give a great boost to global development.
Prof Nagesh Kumar, Director Institute for Studies in Industrial Development, India said that the implementation of SDG targets is slow due to non-availability of finance. Even in the Covid pandemic, a large part of the resources of the nations was spent in the health sector. In such situation, external and additional resources are needed to achieve the goal. Meanwhile Prof. Kumar made suggestions to impose international tax to get finance.
Priyanto Rohmatullah, Director, State Apparatus and Bureaucratic Transformation, BAPPENAS, Indonesia gave a brief overview of the efforts being made by Indonesia to achieve the SDG goals.