HIGHLIGHTS

• A Plan to Increase Private Sector and Foreign Climate Investment
• An Ambitious Electric Vehicles Policy   
• A Fast-Paced Transition Pathway to Renewable Energy
• An Updated Paris Climate Agreement Pledge

 

NARRATIVE

Among several pivotal climate action initiatives in 2021 that India has taken, the noteworthy ones include:

A Plan to Increase Private Sector and Foreign investments

Achieving climate mitigation strategies and targets, India, according to an official estimate, would need more than US 500 billion by 2025 for transitioning to a clean and decarbonised economy. India understands difficulties in accessing green financing (worth $100 billion USD pledged per year by developed economies to their counterparts in developing world back in 2015); progress however on this promise has remained dismal. (https://www.climatescorecard.org/2021/08/indias-challenges-lack-of-promised-external-financial-resources-and-greater-internal-investment-in-climate-technologies/)

India is taking efforts for joint and collective action bilaterally as its experience at multilateral levels for climate action enablers has not been satisfactory and Indian banks alone have shown commitments to put on table some $700 billion USD for climate action including green technology, financing and green growth measures.

 

An Ambitious Electric Vehicles Policy   

India’s Electric Vehicle Vision is committed to making the nation with 100% Electric Vehicles by 2030. In line with the national vision, Delhi and other sub-regional governments are taking firm action and concrete decisions—given that the cities transport accounts for some 25% of total carbon emissions.

Delhi’s ambitious electric vehicle policy proposes to reduce carbon emissions to the tune of 5 million tonnes by 2024 while proposing a further reduction by 15 million tonnes by 2030 through planning, programs, awareness and capacity building measures.

Delhi Transport Corporation (DTC) for instance is installing real time monitoring panels to record carbon emissions at their 38 stations for improving the performance of bus fleets in a lead up to being a city of Green Transport. Such best practice cases are also rapidly being replicated across and throughout the sub regions for effective results outcomes at national level.

A Fast-Paced Transition Pathway to Renewable Energy

India is putting in place effective measures to slowly ‘phase down’ (as agreed during COP26 in Glasgow) its usage of fossil fuel. India is committed to fulfilling 50% of its energy requirements with renewable energy resources, and reducing its economy’s carbon intensity (per unit of gross national domestic product-GDP) to less than 45% between now and 2030. It is set to achieve 450 GW of renewable energy installed capacity by 2030

An Updated Paris Climate Agreement Pledge

India’s improved climate pledges and plans to achieve short- and long-term climate mitigation strategies were announced during COP26. Between 2021 and 2030 India is pledged to:

• Increase its non-fossil fuel capacity to 500 Gigga Watt (GW)
• Fulfill 50% energy requirements with renewable energy
• Reduce one billion tonnes of projected carbon emissions
• Reduce carbon intensity of its economy (per unit of gross national domestic product) to less than 45%

And by 2070 or earlier India will reach the target of being a “Net Zero” economy.

(https://economictimes.indiatimes.com/news/india/global-media-hails-indias-commitment-in-cop26-summit/articleshow/87566929.cms?from=mdr)

As India’s improved pledges made at the COP27 will be directly monitored by the prime minister’s office in close coordination with respective ministries both at the federal as well as sub-regions levels. India has already committed to reporting its progress on the climate commitments it made.

 

This Post was submitted by Pooran Chandra Pandey