India, US launch Climate Action and Finance Mobilisation Dialogue to take forward Agenda 2030

New Delhi, Sep 13 (FN Bureau) India and the US on Monday launched the Climate Action and Finance Mobilisation Dialogue (CAFMD) to enhance bilateral cooperation on climate and environment, as US Special Envoy for Climate John Kerry lauded India on its renewable energy target and said it was an opportune moment for both sides to invest in the energy transition. Addressing an event at the launch of the Climate Action and Finance Mobilisation Dialogue (CAFMD), Kerry said the “robust” India-US Climate and Clean Energy Agenda 2030 Partnership would set an example for the world on how swift climate action with inclusive and resilient economic development can bring the world closer to the climate goals and build stronger economies for both. “There’s never been a better time to invest in the energy transition,” he said, adding that the International Energy Agency has “forecast that if India seizes the clean energy opportunity, which it is, it could become the world’s largest market for batteries and solar panels.”

“There is a major opportunity for us to coordinate our two countries in a way that expands our bilateral investment and trade in clean energy products and services to both of our economic benefit. We need to develop, demonstrate and scale up emerging technologies that will be crucial for the net zero transition,” he said at the event, alongside Union Minister for Environment, Forest and Climate Change Bhupender Yadav. The Agenda 2030 partnership was launched at the April 2021 Leaders’ Summit on Climate between Prime Minister Narendra Modi and US President Jo Biden. Kerry also lauded India for its renewable energy targets. He said Prime Minister Modi “has set a very ambitious targets in India. The target of 450 GW by 2030, of renewable energy, is one of the most powerful goals set in the world. You’ve already reached about 100 GW. I congratulate India for reaching that remarkable milestone.” He said that India is a world leader in demonstrating that economic development and clean energy can go hand-in-hand. “We’re absolutely confident that the 450 Gigawatts as a goal can and will be reached and we look forward to partnering with India in the context of what we are talking about here today–in order to bring finance, bring technology and other elements to the table in order to achieve it,” he added He said India is a world leader in demonstrating that economic development and clean energy “isn’t a zero-one sum choice, one or the other, you can do them both at same time”. Yadav, in his remarks, said the CAFMD launched today will give both countries the opportunity to renew collaborations on climate change while addressing the financing aspects. He said the government after enhancing the renewable energy target to 450 GW and realising the importance of hydrogen as the energy driver of the future has launched the ‘Hydrogen Mission’. “India and the US are natural partners with shared values and our agenda encompasses all major pillars of our strategic priorities – including defence, security, energy, technology, education and healthcare,” said Yadav, stressing on the deep bilateral ties.

“I hope this dialogue will work to mobilize and deliver climate finance primarily as grants and concessional finance, as envisaged under the Paris Agreement to strengthen climate action,” he said. Separately, Kerry met Union Minister for Power and New and Renewable Energy R.K. Singh to discuss further collaboration on climate change issues and work towards a genuine partnership between the two countries to pave the way for the rest of the world on Energy Transition. Singh told the US team that India is planning to open up huge bids for Green Hydrogen and Electrolyzers in the upcoming months, and requested the US side to send their companies to participate in the bids. He also conveyed that the biggest challenge for infusing of Renewable Energy was “Storage”, which needs to be addressed immediately to make power accessible to the masses, a media statement said. Singh also highlighted India’s upcoming projects in Ladakh on Green Hydrogen and Green Energy Corridors. The US side appreciated India for its Energy Access drive and commitment to achieve 450 GW of Renewable Energy by 2030. They also lauded India for electrifying 28.02 million homes in 18 months and achieve universal household electrification, an official statement said. Kerry said the USA is willing to enter into a genuine collaboration to enable India realise the ambitious target of reaching 450 GW Renewable Energy by 2030 which would pave the way for New Delhi to achieve sub 2°C level, much more than what has been committed under Paris Climate Agreement.

Singh urged the US side to join the International Solar Alliance which can benefit many countries. Both sides agreed that Indian labs could work with the US labs with the objective of reducing costs and finding alternative chemistry for making energy transition economically viable. Kerry also highlighted that India and USA could take a Global Leadership role on the Energy Transition front and show the rest of the world that ambitious RE targets can be achieved. The US side said that both India and USA have similar goals and share the same zeal towards climate change issues and this partnership would be an inspiration to the rest of the world to revise their Nationally Determined Goals (NDCs) and strengthen the fight towards climate change. The launch of the CAFMD was preceded by a bilateral meet where both sides discussed at length a wide range of climate issues relating to COP26, Climate Ambition, Climate Finance, Global Climate Initiatives including International Solar Alliance (ISA), Agriculture Innovation Mission for Climate (AIM4C). Monday’s launch comes ahead of the UN Climate Change Conference in Glasgow, UK, — COP 26 – which will take place from October 31 to November 12.