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India, the world's third-largest GHG emitter, committed 1
November to higher decarbonization goals for the next decade and
achieving net-zero emissions by 2070.
During the COP26 climate summit in Glasgow, Indian Prime
Minister Narendra Modi made some of the boldest climate pledges
from a major emitter in recent weeks.
The country will reduce its total projected CO2 emissions by 1
billion metric tons (mt) between now and 2030, Modi said. India
expects to reduce emissions intensity by 45% relative to 2005
levels by 2030, compared with a prior target of 33-35% set in
2015.
India's CO2 emissions of about 2.2 million metric tons/annum
rank behind only those of China (about 9.3 million mt/year) and the
US (2.8 million mt/year).
Moreover, Modi said India's non-fossil fuel energy capacity will
reach 500 GW by 2030, compared with an earlier goal of 450 GW. The
country also raised the target share for renewables in its power
mix from 40% to 50% in the same time span.
When large hydropower projects were taken into account, official
figures showed India's installed renewable energy
capacity reached 141 GW as of 16 June, or 37% of the country's
total.
India's new ambition for 2070 failed to impress many, as
scientists believe the world needs to reach net-zero emissions by
2050 to avert a climate disaster. But it could also be a positive
surprise to some as New Delhi had publicly rejected the calls to set a
carbon neutrality target.
Modi stressed that India's emissions per head remain far below
the global average, with the country's population accounting for
17% of the global total, but its GHG emissions only 5%. He also
called on rich nations to offer more financial support to
developing countries.
"The world's ambitions with respect to climate finance cannot be
at the same level as they were during the Paris Agreement" in 2015,
he said. "India expects developed countries to make $1 trillion
available as climate finance as soon as possible."
Developed countries promised to deliver $100 billion per year of
climate finance to developing nations to help deal with climate
change in 2009 and reaffirmed the pledge in 2015.
But the Organisation for Economic Co-operation and Development
recently found the amount of support
only reached $79.6 billion in 2019 and is only expected to cross
the $100-billion threshold in 2023.
"India…understands and shares the pain of other developing
countries," Modi said. "Justice would truly be served if pressure
is put on those countries that have not lived up to the climate
finance commitments."
UK money
Modi's remarks came as the UK said it will provide more than
£3 billion ($4.1 billion) in climate financing for green technology
and sustainability projects in developing countries in the next
five years.
The money, including £200 million for a new climate innovation
facility, will be routed through the government-owned CDC and the
private sector. The UK said the amount would double what CDC
invested in climate projects in 2017-2021.
The UK said this project would kickstart the Clean Green
Initiative, widely dubbed the G7's green alternative to China's
Belt and Road Initiative, which provides development financing to
low- and middle-income countries.
"The pace of change on clean technology and infrastructure is
incredible, but no country should be left behind in the race to
save our planet," UK Prime Minister Boris Johnson said.
In addition, the COP26 host said it will provide guarantees to
the World Bank to support £750 million of green projects in India.
This will come on top of guarantees to the African Development Bank
to help fund £1.45 billion in projects across the continent, half
of which will help mitigate the impact of climate change.
The government-backed Private Infrastructure Development Group
will separately commit more than £210 million
to green projects in developing countries, including electric
vehicle manufacturing in India.
During the COP26 summit, European Commission President Ursula
von der Leyen said the EU is already the largest contributor to
climate finance, with more than $25 billion last year. She promised
another $5 billion from the EU budget through 2027.
The US will provide $3 billion in adaptation finance annually to
developing countries vulnerable to climate change, pending
Congressional approval, according to a White House statement at the
start of the COP26 meeting.
"We want to do more to help countries around the world,
especially developing countries, accelerate their clean energy
transition," said US President Joe Biden during the summit,
promising more announcements in the coming days.
Calling for support
Other major emitters in Asia refrained from making new climate
pledges at the first day of the conference, but asked rich nations
to provide more support for developing countries during the energy
transition.
President Xi Jinping of China, the world's largest emitter, said that developed countries
should "not only do more themselves but also provide support to
help developing countries do better."
Indonesia needs partners from developed nations to support its
reforestation and carbon sequestration projects via green finance,
President Joko Widodo said.
Referring to the $100-billion climate finance pledge, Least
Developed Countries (LDC) Group Chair Sonam Wangdi said the long
delay in delivering the goal is disappointing given the urgency of
climate crisis.
He added that for COP26 to have a successful outcome, countries
must start negotiations over a post-2025 climate finance deal.
"The new goal must reflect the actual needs of developing
countries and be based on scientific analysis," Wangdi said in a
statement 31 October. "It is critical for grants to supersede loans
and have finance that is dedicated to adaptation."
Posted 01 November 2021 by Max Tingyao Lin, Principal Journalist, Climate and Sustainability
