Why India Needs to Strengthen Institutional Capacity to Absorb International Climate Finance?

Environmental News from India: 

This year’s World Environment Day, India has two reasons to look back and appreciate its efforts in mitigating climate change. First, it is the only country among G-20 nations which is well on track to meet its Paris agreement goals. In fact, more than 40 percent of the generation capacity was from non-fossil fuel sources last year, a good eight years ahead of the 2030 deadline set in 2015. 

Second, India has taken on even more ambitious commitments in the Glasgow Summit held in October 2021, which is remarkable for a developing country with 1.35 billion people and historically negligible carbon emissions to its account. 

India is now aiming to increase the current share of electricity from 25 percent as of March 2022 to 50 percent and installed capacity from 163 GW as of March 2022 to 500 GW of non-fossil-based sources by 2030. Further, India has also pledged to achieve net-zero by 2070.

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Source: Economic Times

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