Given the rising costs of tackling and adapting to climate change, India
and the US agreed on Friday to cooperate towards a new global finance
objective, also known as the new collective quantified goal (NCQG).
and the US agreed on Friday to cooperate towards a new global finance
objective, also known as the new collective quantified goal (NCQG).
After the ninth India-US Economic and Financial Partnership meeting,
co-chaired by US Treasury Secretary Janet Yellen and Union Finance Minister
Nirmala Sitharaman, the two countries issued a joint statement saying, “We
also agree to work together in arriving at a new collective quantified goal
from a floor of USD100 billion annually for the past 2025 period, taking
into account the needs and priorities of developing countries.” As a result
of their respective roles in monetary policy, Jerome Powell, chair of the
Federal Reserve, and Shaktikanta Das, governor of the Reserve Bank of India
(RBI), were present at the meeting.
