New Delhi, March 29 (IANS) Prime Minister Narendra Modi on Friday said India is making rapid advancements in the renewable energy sector, like solar, wind energy and green hydrogen, thus building 'Green GDP' which the world economies should embrace to tackle the burning issue of climate change together.

The Prime Minister said that the world should develop the concept of Green GDP to measure economic development.

"We must ask how much green GDP is out of the total GDP of a country. We need to think about changing the terminology around economic development," the Prime Minister told Microsoft Co-founder and billionaire philanthropist Bill Gates.

As India aims to become a $5 trillion economy, the concept of green GDP becomes a crucial factor, which takes into account the environmental costs of production.

PM Modi said that we should aim for nature-friendly innovation.

"India has created a Rs 1 lakh crore corpus fund to boost technological innovation in sunrise sectors, which provides 50-year interest free innovation to young entrepreneurs for research on future technologies, including how to save the climate."

According to the Prime Minister, living a climate-friendly life is crucial too.

"All growth metrics are anti-climate today like which country is consuming more energy or using steel and we tend to follow that. This mindset needs to be changed," PM Modi told the billionaire philanthropist.