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What is the News?
India and the United States of America (USA) have jointly launched the “Climate Action and Finance Mobilization Dialogue (CAFMD)”.
About Climate Action and Finance Mobilization Dialogue (CAFMD)
CAFMD is one of the two tracks of the India-U.S. Climate and Clean Energy Agenda 2030 partnership launched at the Leaders’ Summit on Climate in April 2021.
|Read more: Leaders’ Summit on Climate|
Purpose of CAFMD
To help both the countries move towards decarbonising economies in sync with their respective commitments to deal with climate change.
The dialogue would have three pillars:
Climate Action Pillar: Under this, India and the US will develop proposals together which can contribute to curbing emissions.
Finance Mobilisation Pillar: It would involve collaborating on attracting finance to deploy 450 GW of renewable energy and demonstrate at scale clean energy technologies.
Note: India has increased its renewable energy target to 450 GW by 2030 from 175 GW by 2022. Currently, India has already achieved the target of 100GW
Adaptation and Resilience Pillar: Under this, the two countries will collaborate in building capacities to “measure and manage climate risks’. They would include setting out a roadmap to achieving the 450GW in transportation, buildings and industry.
Source: This post is based on the following articles
- “India and US launch the Climate Action and Finance Mobilization Dialogue (CAFMD)” published in PIB on 13th September 2021.
- “India, U.S. to tie up on green energy” published in The Hindu on 14th September 2021.
- “Kerry visit marks India, US shifting gears for clean energy partnership” published in Business Standard on 13th September 2021.
- “India, US launch joint climate action platform” published in Times of India on 14th September 2021.