Addressing the fourth East Asian Summit (EAS) here, Singh noted that the issue of climate change is "a major challenge" facing the world, but it is particularly so for the developing and fast growing economies in Asia.

"The East Asian Summit process should come up with a workable model of sustainable development. Financing and technology transfers are its key elements," he said.

"The challenge before us is to find a global mechanism which, while safeguarding the incentives for innovation and development of environment-friendly technologies in the private sector, also simultaneously ensures the availability of such technology to developing countries at an affordable cost," the Prime Minister said.
Ahead of the key climate change meet in Copenhagen in December, India has made it clear that it will not compromise on development in the fight against global warming and said all developing nations must do their bit to keep their emissions footprint within "sustainable and equitable" levels.

Singh, while inaugurating the New Delhi High Level Conference on Climate Change: Technology Development and Transfer on Thursday, had made a strong pitch for diffusion of technology which "will be a key element in meeting the challenge of climate change."

At the EAS meet today, the Prime Minister also pointed out that many Asian countries face the spectre of terrorism and said that there are growing threats from non-traditional sources, such as piracy, transnational groups and extremist ideologies.

"I agree with the President of Indonesia (Susilo Bambang Yudhoyono, who expressed similar views). This will increasingly require a concerted and cooperative response in the coming period," he said.

The Prime Minister also said the countries will have to pay greater attention to issues of social exclusion and regional imbalances in development.
"The fight against pandemics and collaboration in disaster management are other areas which will need our attention," he told the Summit.

The East Asia Summit holds great potential, he said, adding that "if we pool our collective wisdom and resources, there is little doubt that the EAS will emerge as an oasis of peace, stability and prosperity in a fast changing world."