India, US launch Climate Action and Finance Mobilization Dialogue of Agenda 2030 Partnership | Daily Current Affairs 2021

India, US launch Climate Action and Finance Mobilization Dialogue of Agenda 2030 Partnership

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Climate Action and Finance Mobilization Dialogue (CAFMD)

CAFMD: India and the United States jointly launched the Climate Action and Finance Mobilization Dialogue (CAFMD) of the Agenda 2030 Partnership recently.

Key Highlights:

  • The dialogue was formally launched by Union Minister of Environment, Forest and Climate Bhupender Yadav and US Special Presidential Envoy for Climate (SPEC) John Kerry at an event held in New Delhi.
  • The CAFMD is one of the two main tracks of the US-India Climate and Clean Energy Agenda 2030 Partnership.
  • This Partnership will provide both countries with an opportunity to renew collaborations on climate change.
  • It will provide both countries an opportunity to renew collaborations on climate change and also address the financing aspects.
  • It will deliver climate finance primarily as grants and concessional finance, as envisaged under Paris Agreement to strengthen climate action,
  • The dialogue will not only strengthen India-US bilateral cooperation on climate and environment but will also help to demonstrate how the world can align swift climate action with inclusive and resilient economic development.

Significance:

  • This partnership would serve as a “powerful avenue for India-U.S. collaboration
  • It would have three pillars:
    1. The first pillar would be a “climate action pillar” which would have joint proposals looking at ways in emissions could be reduced in the next decade.
    2. The second pillar would be setting out a roadmap to achieving the 450GW in transportation, buildings, and industry.
    3. 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.

Objective:

This initiative was started with the objective:

  1. To mobilize investments
  2. To demonstrate clean technologies
  3. To enable green collaborations in India in order to create templates of sustainable development for other developing countries.

Background:

This was one of the main tracks of the U.S.-India Agenda 2030 Partnership that President Biden and Prime Minister Modi announced at the Leaders Summit on Climate in April 2021.

Additional Info:

  • The launch 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).
  • The special envoy’s travel will also bolster the US bilateral and multilateral climate efforts ahead of the 26th Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC).
  • The 26th Conference of COP26 will be held from October 31 to November 12, 2021, in Glasgow (United Kingdom).

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