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Modi pushes for solar alliance at BRICS summit

Modi pushes for solar alliance at BRICS summit

Brushing off the discord of the past couple of months, India displayed robust participation at the BRICS meeting in the Chinese port city of Xiamen, with PM Narendra Modi saying the group contributes “stability and growth in a world drifting towards uncertainty”.

Making his intervention at the BRICS plenary session, Modi asked BRICS to team up with the International Solar Alliance (ISA) which he said, “bring together a coalition of 121 countries for mutual gains through enhanced solar energy utilisation. BRICS countries can work closely with ISA to strengthen the solar energy agenda.”

“Our five countries have complementary skills and strengths to promote use of renewable and solar energy. The New Development Bank (NDB) can also establish an effective link with ISA to support such cooperation. We would wish to see more clean energy funding, particularly in solar energy, from the NDB,” Modi said.

“While trade and economy have been the foundation of our cooperation, our endeavours today touch diverse areas of technology, tradition, culture, agriculture, environment, energy, sports, and ICT. The New Development Bank has started disbursing loans in pursuit of its mandate to mobilise resources for infrastructure and sustainable development in BRICS countries. At the same time, our central banks have taken steps to make the Contingent Reserve Arrangement fully operational,” he observed.

Modi put out three big ideas to take forward BRICS cooperation in future. First, he called for speeding up of a BRICS credit rating agency for which an expert group had already been constituted. “I would urge that the roadmap for its creation should be finalised at the earliest.”

He said, “Central Banks must further strengthen their capabilities and promote co-operation between the Contingent Reserve Arrangement and the IMF.” Modi said a strong partnership among member-nations on innovation and digital economy can help spur growth, promote transparency and support the sustainable development goals.

SOURCE: The Times of India