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.

Key agendas

• 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:

1. Climate Action Pillar: which would have joint proposals looking at ways in emissions could be reduced in the next decade.
2. Setting out a Roadmap: to achieving the 450GW in transportation, buildings and industry.
3. Finance Pillar: would involve collaborating on attracting finance to deploy 450 GW of renewable energy and demonstrate at scale clean energy technologies.

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