Simon Steele, the UN Climate Chief, endorsed Indian Prime Minister Narendra Modi's statements regarding the role of investment in clean energy in bolstering India's economic growth against the oil price crisis, describing these remarks as "very significant."
Impact of the Oil Price Crisis on the Global Economy
Steele, who is responsible for international climate negotiations at the COP31 conference, acknowledged that the world is in the midst of a fossil fuel cost crisis, with rising fossil fuel import costs contributing to inflation in various economies.
Read more: Oman Participated in the COP31 Climate Change Conference in Turkey
In a written interview from Antalya, where COP31 is being held, Steele also welcomed India's green energy corridor, viewing it as "a significant step forward that will bring substantial benefits to the people and economy of India."
COP31 Conference and Future Plans
COP31, the 31st UN Climate Change Conference, will be held from November 9 to 20, 2026, in Antalya, Turkey. Turkey's presidency at this conference has proposed a global commitment for 35% electrification.
Steele also highlighted the importance of electricity in reducing energy costs and pollution, stating: "Turkey's focus on electricity shows that countries can reduce energy costs and pollution by electrifying more of their energy consumption and relying on renewable energy, which also contributes to improving public health."
Prime Minister Modi stated at the India Renewable Energy Summit and Exhibition 2026 on November 2 that India is in a better position than other countries in facing the global oil crisis, adding: "If India had not invested in clean energy over the past decade, our crisis could have been much more severe than in other parts of the world."
In response to questions about UNFCCC's key priorities for COP31, Steele said: "This conference is focused on showcasing and advancing real progress on practical issues that matter for people's daily lives." He also mentioned efforts to accelerate adaptation financing by 2035, stating that this financing should reach vulnerable communities on the front lines of crises.
Steele emphasized the importance of reaching financial goals and accelerating actions under the Baku to Belm roadmap, stating that financing needs to increase to $1.3 trillion per year by 2035.
Read more: COP31 Leaders in Turkey Emphasized the Need for Action on Climate Change · Reduction of New Loan Interest Rates to 8.51% in September 2026 in India
