Kerry spoke with India's Modi about mobilizing finance for shift to clean energy

U.S. climate envoy John Kerry said he spoke with India's Prime Minister Narendra Modi on Wednesday about how the United States could help mobilize finance to reduce risks in producing alternative energy in the fight against global warming.

Reuters | New Delhi | Updated: 08-04-2021 00:56 IST | Created: 08-04-2021 00:55 IST
Kerry spoke with India's Modi about mobilizing finance for shift to clean energy
File Photo Image Credit: Wikipedia

U.S. climate envoy John Kerry said he spoke with India's Prime Minister Narendra Modi on Wednesday about how the United States could help mobilize finance to reduce risks in producing alternative energy in the fight against global warming. Special Presidential Envoy for Climate Kerry said he spoke with Modi about bringing "concessionary finance" to the table to reduce India's risks in dealing with first losses on the transition to clean energy. Concessionary finance typically involves loans on terms lower than market rates. Then the United States could "bring more money to the table for a normal commercial investment that could quickly start producing alternative fuel," said Kerry, speaking from New Delhi to an International Monetary Fund seminar. Kerry did not provide more specifics.

Kerry met with Modi ahead of President Joe Biden's hosting of 40 world leaders in a climate summit in Washington on April 22. India is the world's third biggest emitter of greenhouse gases after China and the United States, albeit with far lower emissions per capita than those countries. And it is under pressure from the United States and Britain to commit to a target of decarbonizing its economy by 2050.

Indian government sources said the South Asian country was unlikely to bind itself to the 2050 goal as its energy demand was projected to grow more than that of any other country over the next two decades. Kerry said China believes it may be able to bring its greenhouse gas emissions to a peak by 2025. But he said there was a risk that China's emissions could plateau after that and not come down enough. China needs to continue to develop, Kerry said.

"We're not begrudging that, but what we want to do is work with China, and other countries, to make sure ... it doesn't buy into the mistakes that we made."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

East African women traders: 'Celebrating the past, planning for the future'

COVID-19 has hit women disproportionately hard across East Africa, especially those working in the informal sector. Lessons must be learnt to prevent this from happening again....

Viral variants and vaccine nationalism pose two-pronged threat to Covid victory

... ...

Tracking Fintech during COVID-19: Harnessing power of technology

Its abundantly clear now that as fintech cements its place in the financial sector, accelerated further by the COVID-19 pandemic, it could open the sector to new possibilities by harnessing the power of technology to deliver financial ...

Tectonic turns: How technology shaped healthcare over the decades

Tracing an episodic evolution, with technology at the interface of human and his health....

Videos

Latest News

Wildlife spotted in Sao Paulo river after removal of tons of trash

Recent sightings of fish, ducks and herons in a stretch of the infamously polluted Pinheiros river in So Paulo have raised hopes that wildlife in the citys main waterway may finally be returning. Brazils most populous city has an ambitious ...

Saudi-led coalition intercepted a Houthi explosives-laden drone -state TV

The Saudi-Led coalition intercepted a Houthi explosives-laden drone fired at the kingdoms southern region, state TV reported early on Friday.A military coalition led by Saudi Arabia intervened in Yemen against the Houthis in 2015. The movem...

Japan says to seek 'short, powerful' state of emergency for Tokyo, Osaka and elsewhere

The Japanese government is seeking a short and powerful state of emergency for Tokyo, Osaka and two other prefectures, with restrictions to contain the coronavirus similar to those imposed last spring, a cabinet minister said on Friday. Und...

South African virus variant fuels record Cuban COVID-19 cases

Cuba reported a record 1,207 new coronavirus cases on Thursday as the arrival of more contagious new virus variants like the one first discovered in South Africa fuels its worst outbreak since the start of the pandemic.While the government ...

Give Feedback