India and the US launched a clean energy financing initiative on Monday, as the US’s special envoy on climate John Kerry held discussions with Union environment minister Bhupender Yadav and nudged New Delhi to commit to net-zero carbon emission goals during his two-day visit to the Capital.
After an hour-long discussion with Yadav in Delhi, the two leaders launched the Climate Action and Finance Mobilisation Dialogue (CAFMD) — an India-US initiative that aims to attract investment and technology in clean energy projects. CAFMD is part of the India-US Clean Energy Agenda 2030 Partnership that was announced by Prime Minister Narendra Modi and US President Joe Biden at the Leaders’ Summit held in April this year.
“The dialogue will facilitate finance and technology to achieve it. Over the past six months, the six largest banks in America have all publicly committed that over the next 10 years, they will invest a minimum of $4.16 trillion in this effort to make this transition happen,” he said.
Kerry also lauded India’s leadership on pushing ahead with clean energy and targeting 450GW of renewable energy by 2030. “India is a world leader in demonstrating economic development and clean energy can go hand in hand. I am confident that the 450GW goal will be reached,” he said.