Frans Timmermans, the Chief of Climate Policy at the European Commission, has embarked on a two-day visit to India with the purpose of attending a crucial bilateral meeting with key Indian ministers. The primary focus of this meeting is to deliberate upon the latest advancements pertaining to India's carbon emission reduction and its transition towards clean energy.

Speaking to CNBC-TV18, Timmermans said there is a need to transit to renewable energy as soon as possible. Timmermans believes that a swift shift to cleaner and more sustainable sources of energy is vital for the long-term well-being of our planet.

"We know that we need to transit into renewable energy as quickly as possible. India is also very much onboard to introduce more renewable energy. So hopefully together with India, we can reach an international consensus on the levels of introduction of renewable energy on a global scale," Timmermans said.

India, on the other hand, has been at the forefront of championing energy efficiency. The country has demonstrated its commitment to reducing its carbon footprint by implementing measures that enhance energy efficiency across various sectors, Timmermans said. Moreover, Timmermans believes that India can play a pivotal role in setting goals for global energy efficiency.

He also highlighted the need to ensure that the target of $100 billion for climate financing is not delayed, as it could undermine the credibility of international climate action.

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"We need to make sure we don't lose more credibility in delaying the promised $100 billion a year for climate financing. I hope we can reach a consensus this year that we are on the verge of reaching that target.

It is also very important that we change international financial architecture. It was built in 1945 and it needs to be brought into the 21st century so that we unleash the potential of multilateral development banks and of the international financial institutions to have a leverage effect on financing," Timmermans said.

Watch video for entire discussion.