India and Germany on Monday said that they would explore opportunities in enhancing cooperation in the field of climate risk insurance and underlined the importance of 'climate finance'.
"India and Germany underlined that adaptation must be a central part of a balanced Paris Agreement. Both countries will endeavour to continue their long-lasting cooperation in integrating adaptation into national and state development planning and action. In addition, both countries will explore opportunities in enhancing cooperation in the field of climate risk insurance," the Indo-German joint statement on climate change and energy technology cooperation said.
"India and Germany underline the importance of climate finance and emphasize the commitment by developed countries to jointly mobilize USD 100 billion from public and private sources per year by 2020 to developing countries. Climate finance will also play a key role beyond 2020 and will be an important part of the 2015 agreement. Climate finance will be enhanced to support ambitious, transformative mitigation actions in developing countries as well as their adaptation efforts, focusing in particular on the poorest and most vulnerable countries," it added.
The joint statement also said that Prime Minister Narendra Modi and German Chancellor Angela Merkel launched an Indo-German working group on climate change under the Indo-German Environment Forum in order to regularly discuss climate policy and exchange views with regard to both countries' transition to low-carbon economies and associated co-benefits for sustainable development.
"India and Germany recognise that science, technology and innovation play a crucial role for the development of affordable, accessible and adaptable solutions in the areas of low carbon development, renewable energy generation and climate protection. Especially solar energy research, development, manufacturing and deployment have great potential to increase energy access, foster economic development and reduce greenhouse gas emissions," the joint statement said.
"Prime Minister Narendra Modi and Federal Chancellor Merkel have, therefore, decided to forge an Indo-German Climate and Renewable Alliance, a comprehensive partnership to harness technology, innovation and finance in order to make affordable, clean and renewable energy accessible to all and to foster climate change mitigation efforts in both countries," the joint statement added.
The joint statement further said that India and Germany acknowledge that climate change responses and solutions generate new opportunities and co-benefits by creating jobs, spurring economic development and improving air quality.