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India, US to raise 100 billion dollar annually to fight climate change

India and the US reaffirmed their commitment to raising $100 billion annually from public and private sector sources to help develop the two countries’ efforts to tackle climate change.

The climate crisis was the first topic of discussion at a meeting of the India-US Economic and Financial Partnership yesterday under the leadership of India’s finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen.

A joint statement said the first session of the meeting dedicated to climate finance, reflecting our respective commitments to driving urgent progress in combating climate change and the critical role of climate finance in achieving this shared global goal,”

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It was Nirmala Sitharaman’s first in-person meeting with her US counterpart Janet Yellen, a celebrated economist and former chair of the US Federal Reserve Bank.

They were joined at the meeting by Reserve Bank of India governor Shaktikanta Das and his US counterpart Jerome Powell.

The India-US Economic and Financial Partnership was launched in 2010 as a framework to cement economic bonds between the two countries and build a foundation for greater cooperation and economic growth in the future.

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