India, US can work together on climate change to boost bilateral trade: John Kerry

In New Delhi to launch the Climate Action and Finance Mobilization Dialogue (CAFMD) as part of the India-US Climate Clean Energy Agenda 2030, Kerry said the US looks forward to partnering with India to bring finance and technology that will support Asia’s economy. It will help in the transition from sources to the third largest economy. Energy like green alternative from coal.

The CAFMD has three parts – the first is the Climate Action Section under which the US and India will develop proposals to curb emissions. The second was to raise finance that would focus on attracting capital and technologies for India to increase its renewable energy generation to its stated production target of 450 GW. The third was climate adaptation and resilience, which included efforts to expand India’s forest cover.

On his part, India’s Environment Minister Bhupendra Yadav said that India is actively working towards tackling the challenges of climate change and reducing carbon emissions.

India is already an attractive destination for global clean energy investment, the minister said, adding: “I hope this dialogue will serve to mobilize and deliver climate finance, primarily in the form of grants and concessional finance, as To strengthen climate action as envisaged under the Paris Agreement.”

Kerry’s visit to India, her second visit to India since she was named special envoy earlier this year, is in preparation for the 26th UN Climate Change Conference of the Parties, or COP26, to be held in Glasgow from October 31-12 November. part of its efforts. . Last week, Kerry traveled to Japan and China for talks. India is seen as the world’s largest emitter of greenhouse gases after China and the US, although its per capita emissions are much lower than the other two countries. According to media reports, Kerry has previously spoken of raising a “large amount” of private sector investment by the US and allied countries to support India’s efforts to combat global warming.

On Monday, Kerry met India’s Power Minister RK Singh and Indian Foreign Minister S Jaishankar, besides Yadav.

CAFMD is part of the India-US Climate and Clean Energy Agenda 2030 partnership, which was launched in April 2021 by Prime Minister Narendra Modi and US President Joe Biden at the Leaders’ Summit on Climate. The other side is the US-India Strategic Clean Energy Partnership (SCEP), spearheaded by Minister of Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri and US Secretary of Energy Jennifer Granholm on the Indian side. Puri and Granholm launched the revised SCEP almost last week.

Commending India for its goal of producing 450 GW of energy from renewable sources by 2030, Kerry said, “India is a world leader in demonstrating that economic growth and clean energy is not a zero option… Can get both at the same time.”

In his remarks, Yadav said that the CAFMD “will provide the two countries with an opportunity to renew cooperation on climate change while addressing the financing aspects.”

“I believe that this dialogue will not only strengthen India-US bilateral cooperation on climate and the environment, but will also help to demonstrate how the world is inclusive and resilient, taking into account national circumstances and sustainable development priorities. may align rapid climate action with economic growth.” she added.

Kerry, on her part, called for urgent action to address climate change, especially against the backdrop of a UN climate panel warning last month that global warming should be reduced to 1.5 °C or even below pre-industrial levels. That limiting to 2 °C “would be beyond reach” without immediate, rapid and large-scale reductions in greenhouse gas emissions over the next two decades.

“Floods, wildfires, record levels of rain are happening everywhere and to maintain the 1.5 degree warming limit and avoid more disastrous consequences, we must act now,” he said.

“There’s never been a better time to invest in the energy transition. Renewable energy is cheaper than ever. Investors are flocking to clean energy around the world.”