From UPSC perspective, the following things are important :
Prelims level : CAFMD
Mains level : Not Much
India and the US has together launched the “Climate Action and Finance Mobilization Dialogue (CAFMD)”.
What is CAFMD?
- The CAFMD is one of the two tracks of the India-U.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:
- Climate Action Pillar: which would have joint proposals looking at ways in emissions could be reduced in the next decade.
- Setting out a Roadmap: to achieving the 450GW in transportation, buildings and industry.
- Finance Pillar: would involve collaborating on attracting finance to deploy 450 GW of renewable energy and demonstrate at scale clean energy technologies.