Economic Implications Of Indias targets – COP26
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On November 1, 2021, during the COP26 climate summit, Prime Minister Narendra Modi declared India’s goal of reaching net-zero carbon emissions by 2070.
♦ Delegates in Glasgow were taken aback by India’s announcement, considering the country had recently rebuffed efforts to announce such a goal.
♦ The United States, the United Kingdom, and Japan have set a net-zero goal by 2050; the EU has set a goal for 2060; while Saudi Arabia, China, and Russia have set a goal for 2070.
♦ India’s target of net-zero emissions by 2070 is a long way off. As a result, four more bold pledges were made in support of this aim. These are the objectives:
By 2030, renewable energy will provide 50% of total energy.
By 2030, there will be 500 GW of installed renewable energy capacity.
By 2030, there will be a 45 percent reduction in carbon intensity.
By 2030, overall carbon emissions are expected to be reduced by 1 billion tonnes.
India also wants to cut its total carbon emissions by one billion tonnes by the end of the decade.
♦ A net-zero goal is a date by which a country will only release carbon dioxide and other greenhouse gases that can be absorbed by forests, soil, crops, and emerging technologies like carbon capture technology.