India is set to communicate its updated 2030 climate target where India’s Prime Minister Narendra Modi grabbed the headlines at the COP26 Climate Change Conference in Glasgow when he announced that India would achieve net zero emissions by 2070. India had been rejecting Global pressure to make a Commitment on net zero goals.
India is now actively working on formulating Long-term Low Greenhouse gas (GHG) Emissions Development Strategies (LT-LEDS) paper, a climate action documents that will spell out the country’s road map to net zero. Officials put forward a Five-points climate action plan under which India has committed to increase non-fossil fuel energy capacity to 500 GW , meet 50% of its energy requirements from renewable energy, reduce carbon emissions by one billion tons, and bring down the economy’s carbon intensity below 45% , all by 2030.
Most importantly, the goal is to create carbon markets and incentives for the adoption of clean energy technologies. India also needs to undertake several policy measures to help deepen the green bond market to facilitate financing. India may need an investment of over USD 10 trillion to achieve its net-zero emission target by 2070.
“We are not running against a deadline, but we are actively working on it, ” officials said.
