Environmental News from India:
Prime Minister Narendra Modi had announced India’s zero-emission target to be achieved by 2070 at COP-26 (26th United Nations Climate Change Conference in 2021).
India may need investments of over USD 10 trillion to meet its net-zero emission target by 2070, according to a new report.
The paper, issued jointly by GE-EY, further said that the country needs to incentivize the switch to cleaner coal technology and domestic production in the energy sector.
“India may require an investment of over USD 10 trillion to achieve its net-zero target by 2070,” it said.
It pointed out that the country would continue to rely on coal power, at least in the near future. “Thus, the country needs to focus on and incentivize cleaner coal technology to further reduce carbon emissions.”
The report further recommended policy initiatives “essential for a future driven by sustainable industries.”
To achieve the target, India must overcome import dependence in the energy sector through measures that incentivize domestic production like the Production Linked Incentive (PLI) scheme, it suggested.
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