Chief Economic Adviser V Anantha Nageswaran said developed nations should convince their population about the urgent need to adopt climate change mitigation policies.
He added that there is far less support for policies like the tax on fossil fuels in rich nations. "When developed nations tell developing and poor nations about what to do about the climate crisis, there is an even urgent and important task in their hands".
Their task is to convince their own public of the importance of climate change mitigation policies. They face far bigger policies to make climate policies work at home without hurting them fiscally, said the expert.
The economist stated that it is unrealistic for high-income nations to provide funds to poor nations to deal with climate change because they have "far bigger challenges" at home.
Nageswaran noted that the overall support for the green policy is lowest in Denmark, France, Germany, and Australia. Countries like Australia, Canada, Denmark, Germany, the UK, and the US are opposed to carbon taxes.
He added that there is a need to mobilise finance through public, private, and multilateral sources because finance is the key essence. Emphasising the significance of infrastructure development in the Indian economy and asset monetisation, he noted that the fiscal health of both developed and developing countries should not be put at risk.
India has announced plans to achieve net-zero carbon emissions by 2070. Prime Minister Narendra Modi said the government is putting climate change at the centre of its policies. The government is also introducing climate adaptation policies in the school syllabus to make the next generation aware.