Green Partnership

Why in news?

Recently Climate and Clean Energy Agenda 2030 Partnership was concluded between U.S. and India in the Climate Leaders’ Summit.

Why this summit took place?

In a pandemic-stricken world, there is little confidence in transition to green energy.
U.S. and China are the top emitters of greenhouse gasses at the global level.
India ranks third in global emissions although its per capita CO2 emissions are less than 60% of the global average.
International Energy Agency expects a dramatic rise in emissions as countries race to shake off the impact of the coronavirus, as they did after the 2008 financial crisis.

What does the summit aims to achieve?

In the summit, attention was focused on countries which are responsible for the highest carbon emissions.
U.K. has enhanced its ambition to cut carbon emissions by 78% by 2035 over 1990 levels.
It has also advanced the agenda by calling for climate funding by rich nations to exceed the decade-old goal of $100 billion.
U.S. has committed to cuts its emissions by 50% to 52% by 2030 over 2005 levels.
U.S.-India has signed a climate pact which raises expectations that the coming decade will see sustained financial and technological cooperation between the countries to cut greenhouse gas emissions.

This pact will transform the energy-intensive sectors in India by incorporating innovative materials and processes to decarbonise industry, transport and buildings.
It has the potential to expand renewable power up to 450GWand align future growth pathways away from the fossil fuels.
The forthcoming years till 2030 are termed as decisive decade and action are been initiated to enhance funding and innovation in green energy.
This can help all countries move closer to keeping global warming well below 2°C or even 1.5°C which the Paris Agreement envisages.

What should be the future course of action?

The climate change crisis originated not in developing nations but in the industrialised world which has used up much of the world’s carbon space.
Therefore any forward-looking policy should envision green development, providing funding and green technologies as compensation for the emissions space lost by poorer countries.
This will be a win-win game, since it would aid sustainable development, boost employment, clean up the environment and help all countries to emerge healthier from the pandemic.
For the India-U.S. agreement to yield results, U.S. has to persuade its industry and research institutions to share knowledge and subsidise transfer of technologies to India.

Source: The Hindu