Rich Nations Must Contribute Over $100 Billion to Climate Efforts, Says India – Reuters

By Aftab Ahmed and Sanjeev Miglani

NEW DELHI – Rich nations must significantly increase their financial commitment beyond the $100 billion previously pledged to assist poorer countries in combating climate change, given their historical contributions to global emissions, stated India’s chief economic adviser on Thursday, in advance of the UN Climate Change Conference (COP26).

Wealthy countries are facing increasing pressure to fulfill a promise made in 2009 to provide $100 billion annually to support developing nations in addressing the challenges posed by rising global temperatures, as preparations for COP26 gather pace.

K.V. Subramanian emphasized that the proposed $100 billion for innovation in climate finance is merely a “drop in the ocean” and called for much greater commitments from advanced economies.

While India has not yet set a target year for achieving net-zero emissions, the nation will continue to expand its renewable energy capacity and encourage industries to transition to cleaner fuels, he added.

Subramanian indicated that the government is developing incentives for businesses to adopt cleaner energy solutions, warning that without such measures, the concept of net-zero would remain “talk without actual actions.”

COAL-FIRED PLANTS

India has installed over 100 gigawatts (GW) of renewable energy, which constitutes more than 25% of its total energy capacity. The energy-intensive country aims to expand its green energy capacity to 450 GW by 2030.

He stated that India will take necessary steps to achieve an average annual economic growth rate exceeding 7%, which will include the continuation of coal-fired power plants as part of the energy mix.

As the third-largest emitter of greenhouse gases globally, following China and the United States, India plays a crucial role in the global fight against climate change, which is focused on reaching net-zero emissions by mid-century.

The COP26 summit presents a critical opportunity for governments to establish ambitious commitments necessary to prevent global warming from exceeding 1.5 degrees Celsius—the threshold scientists argue is essential to avoid the most severe consequences of climate change.

China has committed to achieving carbon neutrality by 2060, while U.S. President Joe Biden has pledged to reduce emissions by 50% to 52% below 2005 levels by 2030.

Earlier reports indicated that India is unlikely to commit to a net-zero greenhouse gas emissions target by 2050, remaining cautious in its approach toward long-term climate goals.