LEADERS SUMMIT ON CLIMATE

Summit is being hosted by the USA and participated by forty countries including India, China, Russia.

• Declaration by United states of America:

  • It will cut its greenhouse gas emissions by 50%-52% by 2030 relative to  2005 levels.

  • By 2024, it would double  its annual financing commitments to the developing countries, which is a part of a $100 billion a year commitment from developed countries to developing countries for the period 2020-25 under the climate summit.

  • By 2024, it will triple its funding to the adaptation fund

• Significance of the announcement:

  • USA had earlier withdrawn itself from the Paris agreement and Leadership role in the climate front.

  • This announcement seems to be like a look back and ascertaining its leadership role again.

  • It will again improve the finances for the climate action, as withdrawal from Paris summit halted the promised $3 billion payment at $1 billion for the GREEN CLIMATE FUNDING

• Advantages:

  • Climate action and clean technology will lead to the creation of jobs in the economy and the growth.

• Announcement by India:

  • India  and the US will be launching a climate and clean energy Agenda 2030 partnership during the summit.

    • Aim: To mobilise investments, demonstrate clean technology and enable green collaborations which needs to decarbonise various sectors of the economy.

    • And also build capacity to measure, manage, and adapt to the risks of climate-related impacts

    • Two tracks:

      • Strategic clean energy partnership

      • Climate action and finance mobilization dialogue.