Key Points

He addressed the session on 'Mobilising Finance for a Just Energy Transition'. He later chaired and delivered his remarks in the session on 'Harnessing critical minerals for inclusive growth and sustainable development'.

In his address on the importance of critical minerals, Harivansh showcased the principles underpinning India's National Critical Mineral Mission (NCMM) -- a multi-year strategy combining domestic exploration, technological advancement, and international engagement to foster self-reliance and long-term sustainability.

He said, "We must focus on building resilient value chains, not merely to secure our own requirements but to contribute to global stability and the achievement of shared climate goals."

"As part of the efforts, India is also aiming to diversify supply sources and build strategic reserves and knowledge networks for long-term security. For this, India is in the process of enhancing its engagements with Africa, Latin America, Australia, etc., using training, technology, and sustainable practices as forms of cooperation," he added.

"The NCMM will be implemented for a period of seven years from FY 2024-25 to 2030-31. The expenditure on the Mission will be around Rs 16,300 crore ($1.96 billion). In addition, an investment of approximately Rs 18,000 crore ($2.16 billion) is expected from PSUs and others. So far, a total of 59 critical and strategic mineral blocks have been successfully auctioned by the government," he said.

Access to critical minerals has been a key agenda in the past G20 meetings as well. Both India and Brazil, which hosted the summit in 2023 and 2024, respectively, had paragraphs on this subject in their declarations.

Earlier in the day, the Deputy Chairman, while speaking about finance and energy transition, emphasised the key steps taken by India in fulfilling its commitment towards the adoption of renewable energy and the 2070 target of Net Zero.

"India ranks 4th in Renewable Energy Installed Capacity, 4th in Wind Power capacity, and 3rd in Solar Power capacity. Our solar module manufacturing capacity surged ahead. This transition is being driven by targeted flagship initiatives, including 'PM Surya Ghar', which aims to install rooftop solar in ten million households; 'PM-KUSUM', which empowers farmers with solar pumps and power plants; and 'PM JANMAN', which is electrifying remote tribal households with solar power to ensure inclusive growth," he said.

Harivansh also called for Parliaments to monitor climate finance commitments to ensure funds are used transparently and effectively.

- ANI