US to Invest $100bn per year to Fight Climate Change in Developing Countries by 2020

0
191

Last week, the US announced that by 2020, it would invest $100 billion per year to help developing countries fight climate change. India and the US committed themselves to the new agreement in a joint statement, which took place during the Second India-US Strategic and Commercial Dialogue in New Delhi.

Within the statement, the two nations “reiterated their commitment to pursue low greenhouse gas emission development strategies in the pre-2020 period and to develop long-term low greenhouse gas emission development strategies.”

Also, a hydrofluocarbon (HFC) amendment is being discussed in relation to the Montreal Protocol, and strong financial support is expected from donor countries to the Multilateral Fund.

Stating that meeting the challenges of climate change requires finances for innovative renewable energy projects, US Secretary of State, John Kerry, also said that the civil nuclear cooperation between the US and India will bring affordable and clean energy to tens of millions of Indian homes.

The Elephant extinction disaster– caused by poaching and ivory trafficking – has also been denounced by the two countries.

As part of the discussions, the two countries made a resolution that calls on countries to adopt a domestic ban on the trade of elephant ivory at the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) Conference of Parties in September.

A decision was made for the two nations to work closely at the International Civil Aviation Organization Assembly to address greenhouse gas emission from international aviation, and to promote improved heavy-duty vehicle standards and efficiency in accordance with their national priorities and capabilities, under the leadership of G20.

Last year, Brazil, China, India and South Africa said they were disappointed in rich countries’ failure to make good on a promise six years ago to mobilise $100bn a year by 2020 for climate finance.

We hope they make good their promise this time around.

Both countries also re-announced their commitment to ratify the Paris Agreement.

 

Source

Leave a Reply