“Prime Minister (Narendra) Modi understands the leadership role India needs to take. We are not in two camps anymore but should work as one single camp. I guess India will also do that. We will see what India will do (in the upcoming Paris talks),” Verma said while addressing CII on ‘Green – The Color of Growth: The Business Case for Climate Action.’

He said US is particularly “interested in what India will do” because it is keen on becoming India's “best partner” as far as undertaking substantial measures on climate change is concerned.

“We know that India is working hard on its proposed nationally determined contribution and we very much look forward to seeing it when it is ready. We are not only ones interested. India’s size, economic growth projections, and already significant greenhouse gas emissions means there is tremendous interest around the world regarding what India will do,” he added.

Recently during a speech at the UN Educational, Scientific and Cultural Organization in Paris, Modi had said that the entire public discourse on climate change should move from an argument on emission cuts to offering more “affordable solutions, not simply imposing choices.”

This was a clear indication regarding what stance India is likely to take during the Paris summit to be held in December. US and other developed world countries are hoping that the summit will be a landmark one wherein countries will agree to substantial emission cuts.

US, on its part, has undertaken a commitment to reduce its total carbon emissions to 26-28% by 2025. It was one of the first countries to submit “intended nationally determined contribution” (INDC) to the UN Framework Convention on Climate Change.

In UN parlance, INDC is a technical jargon used for each member country’s action plan on climate change.

“Our plan formalised a commitment we made last November to reduce US carbon pollution by 26-28% below 2005 levels by 2025, making our best efforts to reduce emissions by 28%. This target roughly doubles the pace of carbon pollution reduction during the five years from 2020 to 2025 as compared to what we are currently on track to achieve from 2005 to 2020,” he said.

Besides the US, China, EU, Switzerland, Mexico, Russia, Gabon and Norway are amongst the 30 countries that have submitted a proposal before the Paris talks.

India is expected to come out with a proposal soon. A two-day meeting on energy and climate is presently underway in Washington where environment ministers from 17 countries are taking part.

Environment minister Prakash Javadekar, who is leading the Indian delegation, said that it is time the developed world came out with a green climate fund for the developing world.

Ambassador Verma said that US-India Task Force on Clean Energy Finance is already looking at ways to raise $200 billion to help meet India’s ambitious clean energy goals.

“We have a $125 million Joint Clean Energy Research and Development Center connecting dozens of public and private institutions in our countries. This center supports cutting-edge research in solar energy, advanced biofuels, and energy efficient buildings. During the President’s January visit, we agreed to extend this initiative for another five years and launch a new track on smart grid and grid storage technology,” he said.

The Modi-led government has set a target of generating 175,000 megawatts of renewable energy that is expected to save 350 million tonne of carbon emissions annually requiring 150 billion worth of investment by 2020.