Economy

Sitharaman discusses need to increase climate finance in meeting with Kerry

Our Bureau New Delhi | Updated on April 06, 2021

US Special Presidential Envoy for Climate John Kerry meets with Finance Minister Nirmala Sitharaman in New Delhi,   -  India's Press Information Bureau

Finance Minister Nirmala Sitharaman emphasised on the need to enhance financial flows to developing countries beyond $100 billion to strengthen climate action in her meeting with US Special Presidential Envoy for Climate John Kerry on Tuesday.

“Finance Minister Nirmala Sitharaman stressed on the need for assessment of the $100-billion commitment per year from developed countries to developing countries. She underscored the need to enhance financial flows to developing countries beyond $100 billion to strengthen climate action,” the Ministry of Finance said in a statement.

Paris agreement

Sitharaman also informed Kerry that India is among the few countries on track to meet their commitments pledged under the Paris agreement, the statement added. Kerry is on an Asia tour from April 1-9, rallying support for US President Joe Biden’s virtual ‘Leaders Summit on Climate’ on April 22 and 23.

Speaking at a conference later on Tuesday, Kerry praised India’s rapid deployment of renewable energy and cautioned against extensive use of coal, while reminding India to “avoid the mistakes made by other countries like ours.” Kerry said India was indisputably a world leader already in the department of renewable energy. “Prime Minister Modi’s announcement of a target of 450GW of renewables by 2030 sets a very strong example for how to power a growing economy with clean energy,” he emphasised.

India has an advantage that the US didn’t have as it was developing, he said. “Apart from the benefits of decades of scientific and technical advancement, you also have the US as your friend and partner,” the Special Envoy said.

“I want to see India flourish as a clean tech hub in Asia producing and deploying clean technologies and playing an important role in global clean supply chains,” he added.

Published on April 06, 2021

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