Climate change is the biggest global challenge and India is committed to combat it, Union Environment Minister Bhupender Yadav said on Monday.

Speaking at the launch of Climate Action and Finance Mobilisation Dialogue (CAFMD) under India-US Climate Clean Energy Agenda 2030, Yadav said India is proactively working towards tackling climate change and reducing carbon emissions.

John F Kerry, US Special Presidential Envoy for Climate, arrived in New Delhi on Sunday for the launch.

Yadav said the partnership between India and the US will help strengthen climate action.

Climate Action and Finance Mobilisation Dialogue of the Agenda 2030 Partnership launched today will provide both countries an opportunity to renew collaborations on climate change while addressing the financing aspects, Yadav said.

The minister said India is already an attractive destination for global clean energy investments.

I hope this dialogue will work to mobilise and deliver climate finance primarily as grants and concessional finance, as envisaged under the Paris Agreement to strengthen climate action.

I believe this Dialogue will not only strengthen India-US bilateral cooperation on climate and environment but will also help to demonstrate how the world can align swift climate action with inclusive and resilient economic development, taking into account national circumstances and sustainable development priorities, he said.

Calling for urgent action to address climate change, Kerry said action needs to be taken now to avoid more catastrophic consequences.

Floods, forest fires, record levels of rainfall are happening everywhere and to keep 1.5 degree warming limit in reach, and avoid more catastrophic consequences, we must act now, he stressed.

Kerry also said that it was a good time to invest in energy transition.

There has never been a better time to invest in energy transition. Renewable energy is cheaper than ever. Investors are flocking for clean energy all around the world. The transition has already rebounded after the pandemic and is now on track to smash the pre-pandemic record of 8.4 billion US dollars invested in one year, he said.

Terming the clean energy partnership as a major opportunity for India and the US, Kerry said it is far less expensive to deal with climate crisis now than it will be in the future.

The India-US Climate and Clean Energy Agenda 2030 Partnership was launched at the Leaders' Summit on Climate in April 2021 by Prime Minister Narendra Modi and US President Joe Biden.