The recent Leaders’ Summit on Climate, convened virtually by the US President, was attended by 40 global leaders including the Indian Prime Minister. This significant gathering was aimed at highlighting the urgent need for more proactive steps in terms of climate action. The summit is being viewed as a significant step leading up to the United Nations Climate Change Conference, or COP 26, scheduled to be held in November 2021 in Glasgow, Scotland.
Key Highlights of the Summit
A central element discussed at the summit was the India-US Clean Energy Agenda 2030 Partnership. A joint initiative between India and the US, its aim is to demonstrate that timely climate action can be aligned with inclusive and resilient economic development while taking into consideration national circumstances and sustainable development priorities. The objective of this partnership is to mobilise investments, showcase clean technologies, and facilitate green collaborations within India, which could then serve as a model for sustainable development in other developing countries.
This initiative has two key elements: The Strategic Clean Energy Partnership and the Climate Action and Finance Mobilization Dialogue.
US’s Stance on Climate Change
The US asserted its commitment to combating climate change, pledging to cut its greenhouse gas (GHG) emissions by half by 2030. This commitment was accompanied by a call to other nations to amplify their climate ambitions, actions that would contribute to domestic job creation, technology advancement, and aid to countries highly vulnerable to climate change impacts.
As part of its commitment, the US promised to double its public climate financing for developing countries and triple public financing for climate adaptation projects in these countries by 2024. The US also submitted a new Nationally Determined Contribution (NDC) target aiming to reduce GHG emissions by 50-52% below 2005 levels, signalling its return to the Paris Agreement.
China’s Approach to Climate Change
China declared its goals to reach peak carbon emissions before 2030 and achieve carbon neutrality by 2060. In line with these objectives, China declared efforts to strictly control coal-fired power generation projects and gradually reduce coal consumption.
India’s Position on Climate Change
India conveyed its ongoing efforts to combat climate change, stating that the country’s per capita carbon emissions are already 60% lower than the global average. Despite development challenges, India has made significant strides in clean energy, energy efficiency, afforestation, and biodiversity. The country also emphasized its contribution to global initiatives such as the International Solar Alliance and the Coalition for Disaster Resilience Infrastructure.
A Call to Action
In light of the pandemic’s economic impact, there is an urgent call for all countries, cities, businesses, and financial institutions to adopt concrete plans for transitioning to net-zero emissions. Governments, in particular, were urged to match long-term ambition with immediate actions.
Upcoming global events like the G7 Summit in June 2021 provide opportunities for the world’s wealthiest nations to provide the necessary financial commitments for the success of COP26 and beyond.
