India needs additional $1tn to achieve its climate goals: Govt

NEW DELHI: India will require approximately $1 trillion by 2030 to achieve the India’s national goal on climate change which was announced at the Glasgow Climate Change Conference (COP 26) last month, the Union environment ministry informed the Rajya Sabha on Thursday.

To be sure, the announcements made at Glasgow are not yet nationally determined contributions (NDCS). Under the Paris Agreement, India submitted its NDCS in 2015 with three quantifiable targets, and they remain the same. These included reducing the emissions intensity of its Gross Domestic Product (GDP) by 33% to 35% by 2030 from 2005 level; to achieve about 40% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030; and to create an additional carbon sink of 2.5 to 3 billion tonnes of Co2eq through additional forest cover by 2030.

On top of these, PM Modi as part of India’s national statement announced on November 1 in Glasgow said: the country’s non-fossil energy capacity will reach 500 GW by 2030; it will meet 50% of its energy requirements with renewable energy by 2030; it will reduce its total projected carbon emissions by one billion tonnes between now and 2030; it will reduce the carbon intensity of its economy by 45% by 2030, over 2005 levels; and it will, by 2070, achieve the target of net zero emissions.

India’s climate actions have so far been largely financed from domestic resources and as per preliminary estimates, at least US $2.5 trillion (at 2014-15 prices) would be needed for the Paris NDCS.

In addition, “it is estimated that additional announcements by India require additional climate financing requirements to the tune of approximately $1 trillion by 2030. India’s commitments balance the concerns and priorities of climate change, sustainable development including poverty eradication, and economic growth of the country,” the ministry’s reply said. HT had reported on November 10 from Glasgow that India’s NDC is likely to be conditional to delivery of climate finance.

“The NDCS India announced in 2015 remain its NDCS. Whether India upgrades its NDCS and includes the new announcements remains to be seen. The new announcements are domestic goals for now. India has made a preliminary estimate of how much money it will need to achieve additional announcements which is substantial and in keeping with India’s commitment to ambitious climate action,” said former climate negotiator and ambassador, Manjeev Singh Puri responding to the House reply.

INDIA’S CLIMATE ACTIONS HAVE SO FAR BEEN LARGELY FINANCED FROM DOMESTIC RESOURCES AND AS PER ESTIMATES, AT LEAST $2.5TN (AT 2014-15 PRICES) WOULD BE NEEDED FOR PARIS NDCS