The following is a transcript of remarks delivered by UN Climate Change Executive Secretary Simon Stiell at the 9th Annual Global Business Summit in New Delhi on 14 February 2025.
Honourable Ministers, Excellencies, Colleagues, Friends,
People will often begin climate change speeches by emphasizing the terrible costs the climate crisis is already imposing.
On economies, on people, and on our planet.
But today I want to instead talk about the opportunities to all of you.
The global clean energy revolution is not stopping.
Two trillion dollars was invested in clean energy and infrastructure around the world last year, according to the IEA.
Factories have been built, orders have been placed, and more and more people are getting access to cheap, clean, and reliable energy and new, more resilient infrastructure.
Changing lives, all over the world. Lifting living standards for billions. Driving economic growth and strengthening economies in nations that take strong climate action.
Yes - global heating is real, here, and imposing growing costs right now. And Diana laid out many of those impacts. But governments and businesses are building clean energy because it's strategic and it's profitable.
This is the biggest economic transformation of our age, that means it is the biggest economic and commercial opportunity too.
Those that take the lead have a chance to benefit massively from a new order.
Where some governments talk, India delivers.
India is already a solar superpower, one of only four countries to have installed more than 100 gigawatts of solar. Part of 200 gigawatts of renewable energy capacity that's already been installed.
Energy access is on the rise - with villages across the country electrified by 2018, well ahead of schedule.
Now there is a real opportunity to take the next step, and unleash even bigger benefits for India's 1.4 billion people and economy.
Doing so requires strong climate plans - a Nationally Determined Contribution.
But where in the past these documents focused almost solely on cuts in emissions of greenhouse gases and of fossil fuels, I am asking that these plans also focus on the huge growth potential. Growth in wind and solar, growth in living standards, growth in new jobs.
India is already headed firmly in this direction, but an even stronger embrace of the global clean energy boom will supercharge India's economic rise.
You already lead the way by increasing economic growth while decreasing energy intensity. Creating the International Solar Alliance. And setting impressive targets for clean energy growth.
Now we see an opportunity that few countries have.
To realize ambitious plans to deploy hundreds more gigawatts of renewable energy capacity.
To lead a new wave of green industrialization, developing, scaling, and exporting vital technologies.
Nations are racing to seize the biggest economic and commercial benefits of the clean energy boom. When one nation steps back, others will surely step forward.
To reap the biggest benefits in this race, nations need an integrated approach: government, business, and society working together to ensure research, investment, education, and training align.
More and better climate finance is essential here - international and national, public and private. I would also be remiss if I didn't remind any international colleagues present - especially those from advanced economies - of the clear need for more and better climate finance, especially for climate resilience.
India is powerfully placed to seize the dividends that flow from ambitious, economy-wide climate plans. Key among them is Prime Minister Modi's leadership in prioritizing LiFE- unleashing the power of institutions, communities, and individuals to protect the environment and promote a circular economy.
Together, India's leaders have a rare opportunity: to deepen whole of economy industrial strategies that ensure India is a dominant force in clean energy and industry.
We are talking about industrialization, that benefits everyone, through decarbonization.
The alternative - inaction - is a recipe for massive human and economic destruction.
Without increasing climate action, especially by the G20, we'll be facing much more dangerous rises in temperature.
As it is, we are already paying the brutal price of heatwaves, monsoons, droughts and floods, that drive down food production, and drive up hunger and inflation, all around the world.
All nations are reliant on interdependent supply chains. When Cyclone Michaung caused devastating damage, it ended lives and ruined livelihoods. It also shut manufacturing plants in Chennai, hurting the tech and auto industries.
Without concerted climate action, the costs of these disruptions will grow and grow. According to SwissRe as much as 35% of India's GDP could be eroded by 2050.
The Reserve Bank of India says climate change is already disrupting the financial system. This is an argument to invest heavily in resilience measures. Investment in adaptation yields huge returns - as well as avoiding costly harms to people, property, and vital infrastructure.
The public and private sectors need to work together, to apportion risk, as well as realizing benefits. I humbly offer the support of UN Climate Change to the countries that need it, to help work on the national adaptation planning process, sharing the lessons that we've learned.
So, today, I ask everyone in this room to work together to put in place targets and plans. Investment strategies and capital. Overcome hurdle rates and bureaucratic blockages. And work together to truly make India a solar superpower. A clean energy giant.
Indian investors and businesses will surge ahead in key industries. Electric India will never look back, and 1.4 billion people will reap the vast rewards, now and for the years ahead. I thank you.
