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LATEST NEWS UPDATES | Fund green India -Tanvee Kanaujia and Jyotsana Singh

Fund green India -Tanvee Kanaujia and Jyotsana Singh

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published Published on Apr 12, 2022   modified Modified on Apr 12, 2022

-The Telegraph

India’s decarbonization targets as laid out at COP26 may require enhanced funding

The Union finance minister, Nirmala Sitharaman, made energy transition and climate action focal points in this year’s budget. The ministry of environment, forest and climate change secured an allocation of Rs 3,030 crore. Yet, the question as to whether the financing would be adequate to ensure a timely transition to a sustainable environment stands.

At COP26 held in Glasgow, Prime Minister Narendra Modi made ambitious commitments to increase India’s non-fossil fuel energy capacity to 500 GW by 2030, with renewable energy accounting for 50 per cent of India’s energy requirements. In addition to committing to net carbon neutrality by 2070, India is to reduce the carbon intensity of its economy by more than 45 per cent by 2030. These targets were a step towards fulfilling the goal to limit global warming to below 2 degree Celsius (and preferably 1.5 degree Celsius) compared to pre-industrial levels under the Paris Agreement. However, ambitious commitments are not sufficient in bringing about the structural overhaul that climate action demands. Ground realities can stymie such commitments. For example, the aim to achieve 100 GW of solar power in seven years, set under the National Solar Mission, was only partly met with solar power capacity of 49.35 GW installed as of December 2021.

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The Telegraph, 12 April, 2022, https://www.telegraphindia.com/opinion/fund-green-india-indias-decarbonization-targets-as-laid-out-at-cop26-may-require-enhanced-funding/cid/1860193


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