Embrace multilateralism

Multilateral institutions (MLIs) can support three interlinked activities: Mobilisation of finance, streamlined action towards tackling the biggest global externality and engagement of State and non-State actors to further climate action. These will hold immense importance even as countries choose to move into more unilateral and autarkist policies. Enabling large-scale finance to minimise carbon lock-in, creating conducive market conditions for green investments and building resilience through enhanced adaptation can be achieved with the support of dedicated MLIs. Their unique structure allows them to disseminate knowledge, technical and financial resources from developed countries for the benefit of emerging economies and vulnerable communities. India's decision to not only rely on local manufacturing but also multiply the scale to meet global demands stands to gain extensively from multilateral support.