Climate Action and Finance Mobilization Dialogue

Why in news?

• India and the United States of America (USA) launched the ‘Climate Action and Finance Mobilization Dialogue (CAFMD)’.

About 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

Purpose of CAFMD

• To help both the countries move towards decarbonising economies in sync with their respective commitments to deal with climate change.
• The dialogue will not only strengthen India-US bilateral cooperation on climate and environment but will also help to demonstrate how the world can align swift climate action with inclusive and resilient economic development.

Three pillars of the dialogue:

• Climate Action Pillar:
  • Under this, India and the US will develop proposals together which can contribute to curbing emissions.
• Finance Mobilisation Pillar:
  • It would involve collaborating on attracting finance to deploy 450 GW of renewable energy and demonstrate at scale clean energy technologies.
• Adaptation and Resilience Pillar:
  • Under this, the two countries will collaborate in building capacities to “measure and manage climate risks’.
  • They would include setting out a roadmap to achieving the 450GW in transportation, buildings and industry. 

PRACTICE QUESTION

‘Climate Action and Finance Mobilization Dialogue’, recently seen in news, was launched by India and which of the following countries?

(a) United States

(b) Russia

(c) France

(d) Japan

Answer