India and the US launch Climate Action and Finance Mobilisation Dialogue (CAFMD)

Last Updated on Sep 15, 2021 by Aradhana Gotur

On Monday this week, Environment Minister, Bhupender Yadav and the United States Special Presidential Envoy for Climate, John Kerry launched the Climate Action and Finance Mobilisation Dialogue. This partnership is a part of the India-US Climate and Clean Energy Agenda 2030 Partnership.

As per Yadav, both countries would benefit from renewed collaborations on climate change while addressing the financing aspects via this partnership. In addition to strengthening India-US bilateral cooperation on climate and environment, Yadav expects the partnership to mobilise and deliver climate finance, primarily as grants and concessional finance, as expected by the Paris Agreement.

In April 2021, when the partnership was launched in the Leaders’ Summit on Climate, Prime Minister Narendra Modi and US President Joseph Biden had mentioned enhancing actions to meet the Paris Agreement goals.

At the Leaders Summit on Climate, President Biden and Prime Minister Modi had announced launching the Climate Action and Finance Mobilisation Dialogue (CAFMD). This is one of the two main tracks of the US-India Agenda 2030 Partnership that was discussed in the Leaders Summit on Climate.

That India is already an attractive destination for global clean energy investments is an added benefit.

Yadav also hopes that the dialogue will help demonstrate how inclusive and resilient economic development can be aligned with swift climate action, considering sustainable development priorities and national circumstances.

Earlier, the State Department had said that Kerry’s meet with the Government of India is a part of America’s efforts to collaborate with international counterparts to address the climate crisis. In addition to the government, Kerry will also meet private sector leaders to discuss actions to raise global climate ambition and accelerate India’s clean energy transition.

Kerry will strengthen the US’ bilateral and multilateral climate efforts as the 26th Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) approaches. The conference will be held in Glasgow, United Kingdom, from 31 October to 12 November 2021.

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Aradhana Gotur

Senior Content Writer at Tickertape

Aradhana Gotur is a Content Writer with 4 years of experience in personal finance, stock markets, and lifestyle areas. Having recognised the power of words, she constantly works on using them to enhance financial awareness among the masses and meet business objectives. One of her greatest strengths is breaking complex concepts in an easy-to-understand way.

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