Context
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Recently, India and US has launched Climate Action and Finance Mobilization Dialogue (CAFMD) during the an official visit by United States Special Presidential Envoy for Climate to India.
About Climate Action and Finance Mobilization Dialogue
- This was one of the main tracks of the U.S.-India Agenda 2030 Partnership that President of US and Prime Minister of India had announced at the Leaders Summit on Climate in April 2021.
- The dialogue would serve as a “powerful avenue” for U.S.-India collaboration and would have three pillars:
- One would be a “climate action pillar” which would have joint proposals looking at ways in emissions could be reduced in the next decade.
- The second pillar would be setting out a roadmap to achieving the 450GW in transportation, buildings and industry.
- The final pillar, or the ”Finance Pillar” would involve collaborating on attracting finance to deploy 450 GW of renewable energy and demonstrate at scale clean energy technologies.
- Climate Action and Finance Mobilization Dialogue will provide both countries an opportunity to renew collaborations on climate change while addressing financing aspects and deliver climate finances primarily as grants and concessional finance as envisaged under the Paris Agreement.
Key Details on Clean Energy by India
- The United States is to collaborate with India to work towards installing 450 GW of renewable energy by 2030.
- Currently India’s installed power capacity is projected to be 476 GW by 2021-22 and is expected to rise to at least 817 GW by 2030.
- India has so far abstained from committing to a net zero goal but is on a climate pathway that is compatible with keeping global temperatures to below 2C by the end of the century.
- India has reportedly installed 100GW of renewable energy and committed to 175GW by 2022, nearly 100GW of which will come from solar power.
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