Kerry spoke to Indian Modi about raising finance to switch to clean energy

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US Climate Commissioner John Kerry said he spoke with Indian Prime Minister Narendra Modi on Wednesday on how the United States could help mobilize finance to reduce production risks alternative energy in the fight against global warming. The President’s special climate envoy Kerry said he had spoken with Modi about the possibility of bringing “concessional finance” to the table to reduce India’s risk in dealing with the first losses during of the transition to clean energy. Concessional financing usually involves loans on terms below market rates. Then the United States could “bring more money to the table for normal business investment that could quickly start producing alternative fuel,” Kerry said, speaking from New Delhi at a Monetary Fund seminar. international. Kerry did not provide further details.

Kerry met Modi ahead of President Joe Biden’s welcome to 40 world leaders at a climate summit in Washington on April 22. India is the world’s third largest emitter of greenhouse gases after China and the United States, although with per capita emissions much lower than those of countries. And it is under pressure from the United States and Great Britain to commit to a goal of decarbonizing its economy by 2050.

Indian government sources said the South Asian country is unlikely to tie in with the 2050 target as its energy demand is expected to grow more than any other country over the next two years. decades. Kerry said China believes it can peak its greenhouse gas emissions by 2025. But he said there was a risk that China’s emissions would stabilize after that and not decline. enough. China must continue to develop, Kerry said.

“We don’t regret it, but what we want to do is work with China and other countries, to make sure (…) that it doesn’t accept the mistakes that we have made.”

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

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