India-US to focus on Climate Finance
The US Climate Envoy John Kerry was on a four-day visit to India. During his visit he met the Union Minister of Environment, Forest, and Climate Change Shri Prakash Javadekar. During the meet, the leaders discussed several issues including joint research and collaboration and Climate Finance.
According to International Energy Agency, India is the third largest emitter of Carbon Dioxide. US is the largest emitter of Carbon Dioxide in the world. China follows US as the second largest emitter of Carbon Dioxide. India has set an ambitious target to produce 175 GW of renewable energy by 2022 and 450 GW by 2030.
According to the United Nations Framework Convention on Climate Change, Climate Finance is the finance that aims at reducing the emissions and maintains the increase of resilience of human and ecological systems.
Need for Climate Finance for India
India has set ambitious targets of reducing its carbon emissions. It is estimated that India will require 2.5 trillion USD between 2015 and 2030 to achieve its Nationally Determined Contributions.
John Kerry visited India aiming at consultations that will increase climate ambition ahead of “Leader’s Summit on Climate”.
Leader’s Climate Summit
The Leader’s Climate Summit is hosted by the US. The US President Joe Biden has invited forty world leaders including PM Modi to the Leader’s Climate Summit. The Summit is a key milestone to the United Nations Climate Change Conference, COP-26, that is to be held in Glasgow in November 2021. The main objective of Leader’s Climate Summit and COP-26 is to catalyse efforts to keep limiting global warming to 1.5 degrees Celsius goal.
During the Summit, the US is to announce its ambitious 2030 Emissions target as its new Nationally Determined Contribution.
Topics: Carbon emissions • Climate change • Climate Finance • COP 26 • India-US • John Kerry • Leader's Summit on Climate • Nationally Determined Contributions • Paris Agreement • UNFCCC • United Nations Framework Convention on Climate Change (UNFCCC)
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