India, in collaboration with other BRICS nations, has called for greater concessional and low-cost financing from developed countries to support the energy transition efforts of emerging economies. The appeal aims to facilitate a shift toward low-carbon energy systems in line with global climate goals. Union Minister for Power, Manohar Lal, lead the Indian delegation at the BRICS Energy Ministers’ Meeting, which commenced on May 19 in Brazil.
“Affirming each country’s right to determine its own energy transition path and pace, the ministers advocated efficient use of all energy sources and called for increased concessional and low-cost financing from developed to developing nations,” a power ministry statement said.
The energy ministers also emphasized the importance of the New Development Bank (NDB) in advancing sustainable energy infrastructure, particularly by leveraging financing in local currencies.
