COP26: ECONOMIC IMPLICATIONS Of INDIA’S Targets

WHY IN THE NEWS?

On November 1, 2021, at the COP26 climate summit, Prime Minister Narendra Modi announced 2070 as India’s target to reach net-zero carbon emissions.

About:

• India’s announcement came as a surprise to delegates in Glasgow, as India had rejected calls to announce such a target recently.
• US, UK & Japan have a net-zero target by 2050; EU by 2060; Saudi Arabia, China & Russia by 2070.

What is the net-zero target?

A net-zero target is defined as the date by which a country will only emit carbon dioxide or other greenhouse gases that can be absorbed by forests, soil, crops, and developing technologies such as carbon capture technology.

Which are the top Greenhouse Gas Emitters?

China, the United States, India and Russia are the top greenhouse gas emitters. India is the third-biggest emitter of greenhouse gases and is among the countries which are most vulnerable to the effects of climate change. As per the Global Climate Risk Index 2021, India is the seventh-most affected nation by extreme weather events.

India’s goal towards net-zero emissions

India’s goal to achieve net-zero emissions by 2070 is far-fetched. Thus, to support this goal, four other aggressive pledges were made. These targets are:

• 50% of power will come from renewables by 2030.
• 500 GW of installed renewable energy capacity will be reached by 2030.
• Reduction in carbon intensity by 45% by 2030.
• Reduction in projected total carbon emissions by 1 billion tonnes by 2030.
• India further seeks to reduce its projected total carbon emissions by 1 billion tonnes by the end of the decade.