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Climate Action and Finance Mobilization Dialogue
News: Recently, US Special Presidential Envoy for Climate, along with India’s Union Minister for Environment, Forests and Climate Change launched the Climate Action and Finance Mobilisation Dialogue (CAFMD) between the two countries. 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 2 degree celsius by the end of the century.
• The CAFMD is one of the two tracks of the IndiaU.S. Climate and Clean Energy Agenda 2030 partnership launched at the Leaders’ Summit on Climate in April 2021, by PM Modi and US President Mr. Biden.
• The dialogue will strengthen India-US bilateral cooperation on climate and environment.
• It will also help to demonstrate how the world can align swift climate action with inclusive and resilient economic development, taking into account national circumstances and sustainable development priorities.
• The US will 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.
• CAFMD would have three pillars:
o Climate Action Pillar: which would have joint proposals looking at ways in emissions could be reduced in the next decade.
o Setting out a Roadmap: to achieving the 450GW in transportation, buildings and industry.
o Finance Pillar: would involve collaborating on attracting finance to deploy 450 GW of renewable energy and demonstrate at scale clean energy technologies.
Significance for India:
• There’s never been a better time to invest in the energy transition. Renewable energy is cheaper than ever.
• In fact, it is cheaper to build a solar farm in India than anywhere else on the planet.
• Investors are now moving to clean energy all around the world and the energy transition is already rebounding after the worst of the pandemic and is now on track to smash the pre-pandemic record of 8.4 billion USD invested in one year.
• The International Energy Agency forecasts that if India seizes the clean energy opportunity, it could become the world’s largest market for batteries and solar panels. 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.