Nations must strike balance between growth,environment: Pranab Mukherjee

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Underlining the need for nations to work together to address issues like climate change, Finance Minister Pranab Mukherjee on Sunday said deliberations between them must aim to strike a balance between economic growth, social development and environmental sustainability.

"We need to recognise that there is currently no internationally agreed definition of 'green growth'. "Our deliberations on the issue must therefore strike a balance between all the three pillars of sustainable development ie economic development, social development and environmental sustainability," Mukherjee said at the third session of G-20 Finance Ministers and Central Bank Governors' meeting, according to an official statement.

There has to be a consensus and the deliberations need to be consistent with the objectives, provisions and principles of the United Nations Framework Convention on Climate Change (UNFCCC), he added.

Mukherjee said as G-20 nations, the members should recognise that concerns on green growth and climate change require new solutions and a closer discussion on various possible options. " such discussions should ultimately feed into UN processes.

The G20 can contribute in this area through the identification of best practices for sustainable development, provide researched inputs, sharing of technology and suggesting ways of raising resources to go forward," he added.

There is a proposal to set up a new study group of co-facilitators to organise and deliver a report on Climate Finance commitments.

Mukherjee said the views and interests of all G-20 countries need to be reflected through a transparent and inclusive process in the study group.

"The criteria and the process as to how this study group of co-facilitators will be formed are not clear while technical analysis and researched inputs on these issues are welcome, a review of the progress on commitments on climate finance has to be done by the Conference of Parties to UNFCCC only," Mukherjee said.

He added that the study group would benefit by limiting its focus on specific areas like financing sustainable development.