Due to their huge historical proportion of emissions, rich countries must spend far more than $100 billion to help poor countries combat climate change, India’s chief economic adviser said on Thursday (30 September), ahead of a UN Climate Change Conference (COP26).
As the globe prepares for COP26, wealthy nations are under increasing pressure to fulfill an unfulfilled pledge made in 2009 to send $100 billion per year to help developing countries finance an acceptable response to rising global temperatures.
India would continue to add renewables to its energy mix and urge companies to realize the benefits of utilizing cleaner fuels, despite the fact that it has not yet committed to a net-zero emission target year, he added.
K.V. Subramanian stated that the government is providing incentives for businesses to explore cleaner energy, without which net-zero would be just words without action.
Over 100 gigawatts (GW) of renewable energy have been installed in India, accounting for more than a quarter of the country’s total capacity. By 2030, the energy-hungry country intends to raise its green energy capacity to 450 GW.
India will do everything possible to achieve an average annual economic growth rate of over 7%, he said, adding that coal-fired power facilities will be part of the mix.
After China and the United States, India is the world’s third-largest producer of greenhouse gases, making it critical in the battle against climate change, which is currently focusing on achieving worldwide net-zero emissions by the mid-century or thereabouts.
The COP26 session is considered as a critical opportunity to wring out aggressive enough promises from governments to prevent the global temperature from spiraling past 1.5 degrees Celsius, which experts say would avoid the worst effects of climate change.
China has committed to becoming carbon neutral by 2060, while US Vice President Joe Biden has pledged to reduce US emissions by 50% to 52% below 2005 levels by 2030.
Reuters reported earlier this year, citing sources, that India was unlikely to commit to a net-zero greenhouse gas emissions goal by 2050.
India’s Prime Minister Narendra Modi referred to his country as “the mother of democracy” in his speech to the United Nations General Assembly on Saturday, defying the common wisdom that the origin of democracy was ancient Greece.
Modi spoke about the need for sustainable development, adding that his country’s top objective is for growth to be all-encompassing, all-pervasive, universal, and nurturing to all.
The Prime Minister also urged for the United Nations to be more effective.
He emphasized that if the UN is to remain relevant, it must increase its efficacy and reliability, both of which are critical for the organization to handle current problems.
However, he claimed that the origins of COVID-19 and the ease of doing business rankings have harmed the credibility that institutions of global governance had created over decades of hard effort.