President Biden’s Climate Envoy John Kerry said the US would support India’s climate plans and help it gain access to technology and finance to achieve those goals. A pledge of cooperation, which Prime Minister Narendra Modi and his cabinet officials predict, would lead to a faster deployment of clean technology.
Kerry is in India this week to speak to Asian energy leaders and urge the Modi government to strengthen its climate ambitions as it considers announcing a net-zero target ahead of a virtual US-hosted summit later this month .
India, the third largest emitter in the world after the USA and China, has come under pressure to intensify its climate protection commitments ahead of a meeting of executives from 40 nations organized by Biden, which will take place April 22-23, and ahead of the United Nations’ official climate talks in Glasgow in November.
According to official figures, a target for India’s net-zero pledge is being considered for 2047 BloombergEarlier this year, a date marking the 100th anniversary of India’s independence from British rule. A promise of 2050 has been widely accepted by other nations.
When President Trump pulled the US out of the voluntary Paris climate agreement, he made allegations that emissions reductions from China and India had lagged behind. Some Republican lawmakers have stated that all climate change initiatives, including those related to trade deals, must take into account the reliability of developing countries in meeting and reporting climate goals.
China announced a net zero target by 2060 last year. The Biden administration has announced that it will target net zero US emissions by 2050, but is expected to soon outline what such a path could look like by 2030.
The US and China account for about 45% of all global emissions.
Biden’s infrastructure proposal calls for the US to invest $ 35 billion in clean technologies and $ 174 billion to overhaul the country’s EV market. Approval from Congress is required.
World market leaders position themselves ahead of the Biden climate summit and the meeting in Glasgow on this key topic.
International Monetary Fund head Kristalina Georgieva highlighted the role she sees financial institutions play in slowing global warming at meetings of the IMF and the World Bank this week. During these meetings, she had a public panel discussion with Kerry on Wednesday.
“2021 has the potential to be THE year of climate action,” said Georgieva.
“We have the G7 presidency [climate change] a priority, the G-20 makes this a priority, ”she said. “We have cop-26 [in Glasgow]. We have a science that speaks loud and clear, and we have a multilateral environment in which countries reinforce their net zero commitments in 2050 and, in the case of China, in 2060. We at the IMF strongly support this in order to build a strong dynamic. “