Funds for climate fight
RICH nations need to commit much more than $100 billion (£73.47m) to help poor countries fight climate change due to their high historical share of emissions, India’s chief economic adviser said last Thursday (30), ahead of a UN Climate Change Conference (COP26).
Wealthy nations are under ever-greater pressure to deliver on an unmet pledge, made in 2009, to send $100 billion a year to help finance an adequate response by developing countries to rising global temperatures as the world prepares for COP26. “This $100 billion that the advanced economies are talking about actually for innovation in climate finance, you know, it’s a drop in the ocean,” KV Subramanian said.
“I think their commitment needs to be much greater.”
Even though India has not yet committed to a net-zero emission target year, Asia’s third largest economy will keep adding renewables to its energy mix and push industries to see the benefit of using cleaner fuels, he said.
Subramanian said the government was creating incentives for firms to pursue cleaner energy, without which net zero is just “talk without actually the actions happening.”
India has installed more than 100 gigawatts (GW) of renewable energy, which accounts for more than 25 per cent of its overall capacity. It plans to increase its green energy capacity to 450 GW by 2030.
India will do everything necessary to attain average annual economic growth of moe than seven per cent and coal fired plants will be part of the mix, he said.
India is the world’s third-biggest greenhouse gas emitter after China and the US.