India and US to raise $100 billion per year to fight climate change in developing countries

Finance Minister Nirmala Sitharaman and her American counterpart, Treasury Secretary Janet Yellen, participated in the 8th U.S.-India Economic and Financial Partnership on October 14, 2021. 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.

The India-US Economic and Financial Partnership was launched in 2010 as a framework to strengthen the economic bonds and build greater cooperation and economic growth in the future, between the two countries. The 8th U.S.-India Economic and Financial Partnership was organised on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington.