India’s Investment Against Climate Change

ClimateAngels | Feb 10, 2022

Currently, India ranks 7th on the global climate change crisis index. This is a roadblock to the economy that is expected to grow to 5 trillion USD in the next few years.

The geography and the socio-economic scenario of India make it particularly vulnerable to the devastating effects of climate change. According to Deloitte, India is expected to lose a sum of 35 trillion USD if climate change is left unchecked. While it stands to gain 11 trillion USD by 2030 if it leads the way in the innovation of climate change technology.

India’s Accomplishment In 2021 To Combat Climate Change

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COP26

At the summit, Prime Minister Narendra Modi asserted that India is the only country honouring in “letter and spirit” the commitments of the Paris Agreement. He presented his 5-point agenda or Amrit Tattva at the summit which included:

1. Net Zero Emissions (NZE) By 2070

The Prime Minister of India announced that the country would become carbon neutral and achieve net zero emissions by the year 2070, instead of net zero by 2050. He highlighted the fact that despite being a developing nation India can lead the way when it comes to defending the planet.

2. Reducing Carbon Emissions and Intensity

PM claimed that India will reduce 1 billion tons of carbon emissions from its total emissions by 2030. He also claimed that India would reduce the carbon intensity in its economy by 45%.

3. Renewable Energy

When the PM pledged to achieve 450 GW installed capacity by 2030 last year, the world thought that he was biting off far more than he could chew. Yet, to everyone’s astonishment, India is not just on the track to achieving the target but has even raised the target to 500 GW.

4. Climate Finance and Tech Transfer as an Imperative

PM took a bold stance against the developing countries of the world. He accused them of not raising their ambitions with respect to climate finance and tech transfer. He urged them to invest 1 trillion USD over the next decade to mitigate the effects of global warming.

5. Lifestyles For the Environment

The influence of Indian culture on the PM is undeniable, he proposed the idea of existing in harmony with nature. He asserted that we need to go back to our roots and build a relationship with nature that takes care of our needs as well as hers.

India was added to the Glasgow Breakthrough Agenda. It is a cooperative effort to speed up the development and deployment of clean technology.

One Sun, One World, One Grid’ (OSOWOG)

The PM laid the foundation for the OSOWOG initiative in the first assembly of ISA (International Solar Alliance) in October 2018.

In May 2021 UK and India agreed to merge their GGI (Green grids Initiative) and OSOWOG projects during the UK-India virtual summit. 83 members of the ISA have endorsed this alliance.

This is the key to the initiative as contributions by the ISA and the World Bank would be significant for its implementation.

ISA Director Ajay Mathur said that at the Global Level almost 2600 GW of interconnections can be achieved by 2050, delivering estimated power savings of 260 billion dollars each year.

Climate Action and Finance Mobilization Dialogue (CAFMD)

India and the US launched the Climate Action and Finance Mobilization Dialogue (CAFMD) in September. There are two tracks of the India-US Climate and Clean Energy Agenda 2030 partnership, CFMD and Strategic Clean Energy Partnership (SCEP).

The alliance would provide an opportunity to address the financial aspects of the Paris Agreement. The financial pillar of CAFMD would involve collaborating with the US to attach investment for the deployment of 450 GW on renewable energy.

It would also help to demonstrate to the world how to align the economic interests of a nation with sustainability.

India Plastic challenge

It is a collaboration between the Ministry of Environment, Forest and Climate change and the Climate Collective.

It provides a platform for students and young professionals for ideating solutions to reduce the use of Single-Use Plastics (SUPs). It would also pave the way for investment and innovation to find alternatives to SUPs.

Decommissioning coal-based power plants

The Central Pollution Control Board has prepared guidelines to decommission coal-based power plants following an intervention by the National Green Tribunal.

The guidelines deal with a variety of measures such as the air and water quality, management of toxic wastes, and treatment of chemicals.

An added benefit of decommissioning is the increased investment in the renewable energy sector. According to RK Singh, Union Minister for Power and New and Renewable energy, investment in renewable energy is expected to cross 15 billion USD in 2022.

Arctic policy

India released the draft of its arctic policy in January 2021. The policy claims that science is a valuable tool when it comes to approaching the Arctic.

It also laid special emphasis on regarding the Himalayas as the “third pole.” The policy also talks about the need to establish collaborations with polar science research institutes.

India’s policy focuses on sustainable engagement with the arctic, unlike China and Russia. They think of it as a terrain for big business and rapid economic growth.

Draft Electricity Rules, 2021

Promoting Renewable Energy through Green Energy Open Access.

These rules will be pertinent for increasing the production of and consumption of green energy in India. The rules aim to promote faster adoption of renewable energy by addressing concerns related to the green energy sector.

There Is NO Planet – B

When it comes to the priority in which things need to be taken care of development certainly comes first. Climate change policies cannot deal with the developmental aspect of a society and economy. There’s no planet – B. Even NASA agrees on this.

However, this does not mean that climate change mitigation strategies can be entirely ignored. As the poorest of the poor would be the ones who suffer from the drastic effects of the crisis.

The countries in the developing world have undeniably drawn out the short end of the stick when it comes to the climate change lottery. But their carbon emission per capita statistics are the lowest in the world.

The Path Ahead

India’s per capita emission is only a quarter of the world average and a twentieth of the US. It is high time for the developed world to make good on their financial promises to combat climate change under the Paris Agreement. They might want to take a leaf out of India’s book and put their best foot forward to combat the impending crisis because there is no Planet-B! It’s time to slow down, and think.