Itndia formally committed to pivot half its electricity generation capacity to use clean fuels by 2030 and reiterated a demand for its “due share” of financial assistance as one of the world’s top emitters seeks to go carbon-neutral by 2070.
Prime Minister Narendra Modi’s cabinet Wednesday approved plans to cut emissions intensity of its GDP to 45%, by 2030, from 2005 levels, the government said in a statement. India, which is one of the largest emitters under the Paris Climate Agreement will present its revised nationally determined commitments (NDCs) to the United Nations. This updated plan also includes recommendations for promoting a sustainable and healthy lifestyle that is rooted in traditional values and promotes moderation and conservation.
India, the world’s third-biggest polluter, stood out among top emitters when Modi announced a plan to achieve net zero by 2070 at the COP26 summit in Glasgow late last year. Since then, Modi has continued to implement a series of policies, including production-linked incentives and battery manufacturers, changes in energy laws, and the introduction of a national hydrogen program.
This cabinet’s decision to revise its NDCs is made ahead of November’s next round of international climate negotiations in Egypt.
India will require financial resources and technological support committed by developed nations to meet its climate goals, which have so far been largely financed from domestic resources, Wednesday’s government statement said. These updated commitments will take effect over the next ten years, from 2021-2030.
India had suggested last year in Glasgow that $1 trillion should be allocated to climate finance for the period 2030-2020. Standard Chartered Plc says that India will have to spend $12 trillion more by 2060 in order to achieve net zero emission. Modi’s demands are unlikely to be met. According to rich nations, they won’t be able meet their 2020 target of providing $100 billion per year for climate finance to the poorer countries by 2023.
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