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India & 20 other nations put up $20 bn to climate change

Just before “Climate Summit 2015” held at Paris, twenty nations including India, will launch an initiative to double their clean energy research and development budget over the next 5 years, as a part of global efforts to deal with the climate change. The total amount of money being committed by these 20 countries under ‘Mission Innovation’ amount to USD 20 billion, about half of which would come from the US, White House officials said.

The United Nations Climate Change Conference  (COP21) will be held in Le Bourget, from November 30 to December 11, 2015. The summit will be attended by around 140 nations.

A formal announcement of the initiative is expected later in the day at a meeting attended by US President Barack Obama, Prime Minister Narendra Modi and French President Francois Hollande along with other leaders from the private and public sector, a White House official told

obama-modi
obama-modi

“This is an effort designed to accelerate clean energy innovation and address global climate change” Barack Obama’s adviser Brian Deese told.

Apart from India, China and U.S other participating countries include France, Germany, Australia, Brazil, Canada, Chile, Denmark, Indonesia, Italy, Japan, South Korea, Mexico, Norway, Saudi Arabia, Sweden, the UAE and the UK. These  contributing nations accounts for over 80 per cent of global clean energy Research and Development (R&D).

Noting that Individual countries will focus on clean energy efforts that suit their needs, like energy efficiency or reducing hydro-fluorocarbons – US Energy Secretary Ernest Moniz

Spearheaded by Bill Gates, is a global group of private investors that will take the risks to allow the early stage energy companies of  ‘Mission Innovation’ countries to come out of the lab and into the marketplace.

UN Climate summit 2015, Paris.
UN Climate summit 2015, Paris.

 

Microsoft founder Bill Gates noted that the world’s growing demand for energy is also a big problem, because most of that energy comes from hydrocarbons, which emit greenhouse gases and drive climate change.

“The renewable technologies we have today, like wind and solar, have made a lot of progress and could be one path to a zero-carbon energy future,” Bill Gates said in a statement.

“So we need to move to sources of energy that are affordable and reliable, and don’t produce any carbon,” he said.

Source: The Indian Express

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