Kerry said China believes it may be able to bring its greenhouse gas emissions to a peak by 2025. But he said there was a risk that China’s emissions could plateau after that and not come down enough. China needs to continue to develop, Kerry said. Indian government sources said the South Asian country was unlikely to bind itself to the 2050 goal as its energy demand was projected to grow more than that of any other country over the next two decades. “We’re not begrudging that, but what we want to do is work with China, and other countries, to make sure … it doesn’t buy into the mistakes that we made.”
Kerry met with Modi ahead of President Joe Biden’s hosting of 40 world leaders in a climate summit in Washington on April 22. Then the United States could “bring more money to the table for a normal commercial investment that could quickly start producing alternative fuel,” said Kerry, speaking from New Delhi to an International Monetary Fund seminar. Kerry did not provide more specifics.
India is the world’s third biggest emitter of greenhouse gases after China and the United States, albeit with far lower emissions per capita than those countries. And it is under pressure from the United States and Britain to commit to a target of decarbonizing its economy by 2050. Special Presidential Envoy for Climate Kerry said he spoke with Modi about bringing “concessionary finance” to the table to reduce India’s risks in dealing with first losses on the transition to clean energy. Concessionary finance typically involves loans on terms lower than market rates.
Source www.reuters.com Reporting by Timothy Gardner and Andrea Shalal; Editing by Chris Reese and Jonathan Oatis
The News Highlights
- Kerry spoke with Modi from India about mobilizing financing for a move to clean energy
- Check the latest News news updates and information about business, finance and more.
For Latest News Follow us on Google News
- Show all
- Trending News
- Popular By week