'World's balance sheet should be used to actually push resources'

India's G20 Sherpa Amitabh Kant has said that climate finance is a very critical issue and called for a simultaneous action from all stakeholders on the issue.

"If you are trying to be ambitious on climate action, then there has to be a simultaneous action on finance. It can't be that the developed world asks us to be ambitious on climate action and then cuts down on climate finance; that's not possible," Kant told PTI.

Kant also pointed out the need for private-sector lending to address the challenge.

"And it's not the balance sheet of the multilateral development banks. But the balance sheet of the world has to be used to actually push resources because even if you use the balance sheet of the World Bank, it will not help you," he said.