$100 billion to be raised by India & US to combat climate change

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During the agreement, India and the US reaffirmed their commitment to raising $100 billion annually from public and private sector sources to help develop the two countries’ efforts to tackle climate change. The climate crisis was the first topic of discussion at a meeting of the India-US Economic and Financial Partnership under the leadership of India’s finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen.

The talks between two leaders focused on expanding their economic and financial ties, the statement said, adding that both sides will continue to work towards further strengthening of bilateral ties. As India prepares for its 2023 G20 presidency, the US stands ready to support India in hosting a successful and productive year.

The meeting reviewed the macroeconomic outlook and recovery from the pandemic, financial regulatory and technical collaboration, multilateral engagement, climate finance and efforts to check money laundering and financing of terrorism.

Earlier in August, Union environment minister Bhupender Yadav called Kerry, during which both sides agreed that India and the US will engage for a constructive engagement under the India-US Climate and Clean Energy Agenda 2030 Partnership.

Both sides also affirmed their commitment to debt sustainability and transparency in bilateral lending. Their statement stated that they acknowledge the importance of working through multilateral development banks to help India access and mobilize available financing to support development objectives, including for climate.

The two-pillar solution refers to a global minimum tax to discourage the race among nations to lower tax rates and reallocation of taxation rights over tech giants to the benefit of countries like India where such companies have consumers.

The US-India Climate and Clean Energy Agenda 2030 Partnership expects bilateral cooperation on strong actions in the current decade to meet the goals of the Paris Agreement. As a part of the Paris Agreement, India plans to reduce its carbon footprint by 33-35 per cent from its 2005 levels by 2030.

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