Adopted Rio+20 Summit declaration reflects India's concerns‏

RIO DE JANEIRO: Reflecting the concerns of India, the Rio+20 Summit has said that developing countries needed additional resources for sustainable development and that unwarranted conditionalities on Official Development Assistance (ODA) and finance should be avoided. "We reaffirm that developing countries need additional resources for sustainable development," said the 55-page declaration adopted at the end of the Rio+20 summit officially called "United Nations Conference on Sustainable Development". 

Prime Minister Manmohan Singh in his address at the Summit attended by 125 world leaders had said "many countries could do more if additional finance and technology were available. Unfortunately, there is little evidence of support from the industrialised countries in these areas (reducing emissions intensity). The ongoing economic crisis has made matters worse." Describing economic development, social inclusion and environmental sustainability as all equally critical as components of sustainable development, Singh said that the task before the world community is to give practical shape and content to this architecture in a manner that allows each country to develop according to its own national priorities and circumstances. 
The world leaders in their declaration said they recognised the crucial importance of enhancing financial support from all sources for sustainable development for all countries, in particular developing nations. At the same time, the summit called on all countries to prioritise sustainable development in the allocation of resources in accordance with national priorities and needs. The Summit also dealt with issues relating to the faltering Global economy. 

Noting that ongoing serious global financial and economic challenges carried the possibility of undoing years of hard work and gains made in relation to the debt of developing countries, the declaration said the developing countries should be given assistance in ensuring long-term debt sustainability through coordinated policies aimed at fostering debt financing, debt relief and debt restructuring, as appropriate.