Prime Minister Narendra Modi virtually participated in the Leaders’ Summit on Climate 2021 which was held virtually on April 22-23, 2021. He participated in the summit at the invitation of US President Joseph R. Biden, the summit was hosted by the US.
- Theme of the Summit – ‘Our Collective Sprint to 2030’.
- Around 40 world leaders participated in the Summit. Majority of the participating countries were members of the Major Economies Forum (MEF) on Energy & Climate, of which India is also a member.
- Major points of discussion – reducing greenhouse gas emission & meeting targets of Paris Agreement to keep Global temperature rise to below 2 Degree Celsius.
- The summit is one of the key events on climate before the UN Climate Change Conference of the Parties, COP26, which is scheduled to take place in Glasgow, Scotland, UK in November 2021.
US-India Climate and Clean Energy Agenda 2030 Partnership
During the summit, PM Narendra Modi announced the launch of ‘U.S.-India Climate and Clean Energy Agenda 2030 Partnership’.
- The main objectives of the partnership are mobilizing finance and speeden up clean energy innovation and deployment in the current decade (2020-30).
- India has set a renewable energy target of 450 Gigawatts by 2030. It is also targeting a 2030 GDP emissions intensity (i.e. volume of emissions per unit of GDP) that is 33%-35% below 2005 levels.
- China, US & India are the top 3 emitters of CO2. The per capita emission of the US is higher than China & India.
- India accounts for 2.46 Billion metric tonnes of carbon (6.8% of the total global emissions), which is 60% lower than global average.
US joins Lead IT – initiative of India & Sweden
During the summit, the US announced its decision to join the Global Leadership Group for Industry Transition (LeadIT). It is an initiative of India & Sweden which was launched at the UNSG Climate Action Summit in New York in 2019.
- The initiative is aimed at driving climate change in heavy and energy-intensive industries.
- It has around 29 member countries.
Major Banks commit to Carbon-Neutrality by 2050
On eve of the Leader’s Climate Summit, a group of 43 International Banks have joined a UN-convened pact to reach carbon neutrality by 2050.
- The alliance members will aim to make greenhouse gas emissions from their lending and investment portfolio ‘align with pathways to net-zero by 2050 or sooner’.
- The members will also establish the ‘Glasgow Financial Alliance for Net Zero (GFANZ)’ for mobilising trillions of dollars towards building a global zero emissions economy & delivering the goals of Paris agreement.
Targets set by Countries
During the summit, several countries set various targets. They are,
- The US committed to reduce its greenhouse gas emissions by 50-52% below its 2005 emissions levels by 2030.
- Japan will cut emissions 46-50% below 2013 levels by 2030, earlier it had followed a goal of achieving 26% reductions.
Recent Related News:
i.On February 10-12, 2021, the 20th World Sustainable Development Summit (WSDS) 2021 was held on the theme “Redefining our common future: Safe and secure environment for all”.
ii.On December 12, 2020, the virtual Climate Ambition Summit 2020 was held to provide a platform for government and non-governmental leaders to demonstrate their commitment to the Paris Agreement and the multilateral process.
About United States
President – Joseph R Biden
Capital – Washington D.C.,
Currency – United States Dollar (USD)
About Major Economies Forum (MEF) on Energy & Climate
It is aimed at facilitating dialogue between major emitting countries (both developed and developing).
Launched in 2009 by then US President Barack Obama
Members – 17