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India and US launch joint platform to mobilise finance for clean energy | India News


NEW DELHI: Collaboration to mobilize finance and implement clean technology to Energy transition, India and the US launched a joint platform on Monday: Dialogue on climate action and financial mobilization (CAFMD), which would help both countries move towards decarbonizing economies in line with their respective commitments to face the challenges of climate change.
Joining the International Solar Alliance (ISA) in due course would be a next step for the United States to propel the world toward a clean energy transition. The United States is expected to announce its decision on the matter soon, sources said, referring to discussions during bilateral meetings prior to the launch of the Dialogue.
The development of proposals that can help curb carbon emissions, the mobilization of financing and investment in innovative clean energy technology and ‘climate adaptation and resilience’ would be the three pillars of CAFMD.
“I hope this Dialogue works to mobilize and deliver climate finance primarily as grants and concessional financing, as envisaged in the Paris Agreement to strengthen climate action, “said the Minister of the Environment. Bhupender Yadav by launching the platform together with the United States Special Presidential Envoy for Climate, John kerry.

The Dialogue is one of the two main avenues of the ‘India-US Association. On Climate and Clean Energy for Agenda 2030 ‘, which was announced by Prime Minister Narendra Modi and US President Joe Biden at the leaders’ climate summit in April.
Referring to India’s ambitious plan to establish 450 GW of renewable energy capacity (solar, wind and biomass, etc.) by 2030, Kerry at the launch said that the Dialogue would create an environment conducive to the deployment of renewable energy in that measured in the next 10 years. , promote bilateral investment and trade in clean energy.
The launch was preceded by a bilateral meeting in which both sides discussed in depth a wide range of climate issues prior to the 26th session of the UN climate conference (COP26). The COP26 in Glasgow, UK, in November, can see that many countries will present their improved climate action plans, aligning with recent IPCC findings that warned how the global average temperature rise of 1.5 degrees Celsius from the pre-industrial level ( 1850-1900) in the next two decades would turn humanity towards a disastrous future.
The US delegation, led by Kerry, during the discussion sought for India to increase its climate action ambition ahead of COP26 so that the world could collectively reach the ‘net zero’ emissions target by 2050, a target that can reduce the impact of climate change.
However, it has been learned that the Indian side has told visitors that the country will heed their call taking into account their national circumstances and development needs. Furthermore, he said, it has already surpassed what it had promised under the Paris Agreement and it is actually time for rich nations to do what they say.
In addition to the chances of the US joining ISA, both sides also discussed the Agricultural Innovation Mission for Climate and the gaps in fundraising under the Green Climate Fund (GEF). Kerry also met with the Minister of Energy and Renewables, RK Singh, who urged the United States to join the ISA and invited American companies to participate in the upcoming green hydrogen and electrolyzer tenders.
If the US joins ISA, it would be easier for the world body to mobilize more investment in the solar sector. The India-based Global Alliance was launched on the sidelines of COP21 in Paris in 2015 to collectively address key common challenges to scaling up solar energy applications and mobilizing investments of more than $ 1 billion by 2030.

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