India on Saturday lamented that global community has not lived up to its commitments on technology transfer and additional financing and mooted a 'global action plan' to promote both food and energy security to ensure sustainable development.
Describing sustainable development as one of the biggest challenges faced by the world, Prime Minister Manmohan Singh said a lot of cooperative work was needed to transform it from a mere buzz word to an operational strategy for development.
Singh said that unfortunately, international community has not lived up to its commitments on technology transfer and additional financing since the 1992 Rio Conference, also known as the Earth Summit.
"We should pursue innovative mechanisms for raising finance for development and creating a favourable Intellectual Property Regime," he said addressing the 7th Asia-Europe Meeting Summit in Beijing.
"We know that Asia is home to the largest concentration of the world's poor. Poverty eradication at this scale requires a collaborative global effort to promote development and in particular to create job opportunities.
"If we fail, we will continue to live in a world of instability and conflict," Singh, who was the first to speak at one of the main sessions at summit, said.
He said the development strategies 'that we adopt have to result in a fair, equitable and balanced distribution of the economic dividend.'
At the same time, it must also preserve and protect the environment. Only then can countries make faster progress in meeting the Millennium Development Goals, he said.
"We, therefore, need to put in place a global action plan to promote both food and energy security for managing the challenges of both accelerated growth and its environmental sustainability," he said.