India is a red-hot investment for clean energy transition: Kerry
What's the story
India is actually a red-hot investment opportunity for clean energy transition, top US official John Kerry said on Thursday. He praised Prime Minister Narendra Modi for his commitment to addressing the climate change challenge which the Biden Administration believes poses an existential threat to humanity. Kerry said he intends to work very closely with Indian leadership including PM Modi and External Minister S Jaishankar.
Details
Both have great deal to gain from joining hands: Kerry
Kerry said, "We believe India can be one of the most critical transitional countries in this entire endeavor." "I am confident that just as we have worked closely on any number of issues in these last years, our two nations have a great deal to gain from joining hands in our global leadership and confronting the climate crisis to meet this moment," he added.
Information
India is a key partner to the US: Kerry
In his speech at the World Sustainable Development Summit 2021, Kerry made it clear that India is a key partner of the US and would take it over from where the relationship was left by the previous Trump Administration.
Renewable energy deployment
India is a world leader in renewable energy deployment: Kerry
Kerry said, "The PM has made a very important contribution to this dialogue. Needless to say, India is deeply committed to this challenge and it has been for a considerable number of years." "You are indisputably a world leader in renewable energy deployment and your International Solar Alliance leadership is critical for India, and other dynamic, growing economies in the world," he added.
Clean energy
India is the third-largest emitter in the world: Kerry
Kerry, the Special Presidential Envoy for Climate said, "PM Modi's announcement of a target of 450 gigawatts of renewables by 2030 is a strong, terrific example of how to power a growing economy with clean energy." "It's going to be one of the most important contributions because India is already the third-largest emitter in the world behind the United States and China," he added.
Finances
It's cheaper to build solar in India: Kerry
Referring to the latest report of the International Energy Agency, he said India's down payment on the clean energy transition puts it on pace to become the global market leader in solar and storage by 2040. "And thanks to your rapid scale-up, it's already cheaper to build solar in India than anywhere else in the world," he added.
Background
Climate change a key pillar between India and the US
After coming to power, the Biden Administration quickly established contacts with the Indian leadership. The leadership of the two countries have known each other for long and have put the relationship on fast-track. In a recent interview, India's Ambassador to the US, Taranjit Singh Sandhu, had identified climate change as one of the key pillars of collaboration between the two countries.
Information
Modi and Biden discussed clean energy transition earlier
Clean energy transition was one of the topics of discussion between PM Modi and President Joe Biden earlier this week and also when they spoke in November soon after the US election results were announced.
Provisions in Budget
Heartened to see the budget focused on clean energy: Kerry
On climate change, Kerry said that he knows that PM Modi is committed to this and seized by it, and so are Indian businesses. "I was also very heartened to see the recent government budget focused heavily on clean energy and proposed a very specific hydrogen energy mission," he added.
Jobs
'Clean energy transition will create half a million additional jobs'
Kerry said, "By 2030, the International Energy Agency forecasts that if India drives even more aggressively toward clean energy transition, it will create half a million additional jobs than business as usual would create." "I was very pleased to hear that dozens of India's biggest companies recently signed a declaration on climate change, pledging to go carbon neutral," he added.