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NEW DELHI: India would need “tens of trillions of dollars by 2050” to achieve its climate action commitments, the government told the Parliament on Thursday. The country’s climate action targets – called nationally determined contribution (NDC) – are meant for taking India to its ultimate goal of carbon neutrality by 2070.
The environment ministry in written response to a question in Rajya Sabha said though there are several estimates regarding India’s financial needs for climate action which vary across studies due to differences in assumptions, coverage, and modelling approaches, the estimated requirements in all cases are substantial and in the range of tens of trillions of dollars by 2050.
India’s climate actions have, so far, been largely financed through domestic resources, including government budgetary support as well as a mix of market mechanisms, fiscal instruments and policy interventions. It includes sovereign green bonds and thematic funds for blended finance.
“Although domestic finance accounts for the lion’s share of climate finance, India will continue to emphasize the delivery of international climate finance by developed countries to developing countries for climate action,” said minister of state for environment, Ashwini Kumar Choubey, in his written response.
India had first submitted its NDC to the UN climate body in October, 2015. The NDC was subsequently updated with enhanced commitments in August last year. India’s initial NDC provided a preliminary estimate that at least $2.5 trillion (at 2014-15prices) would be required for meeting India’s climate change actions between 2015 and 2030.
“In November 2022, India has submitted its long-term low-carbon development strategy to the UNFCCC (UN climate body), which envisages that a transition to a low-carbon development pathway will entail costs, pertaining to the deployment of new technologies, development of new infrastructure, and other transaction costs,” said Choubey while explaining why the country would now need tens of trillions of dollars by 2050.
As per updated NDC, reflecting India’s roadmap for a low greenhouse gas emission and climate resilient development pathway, the country has an enhanced target to reduce emissions intensity of its GDP by 45% by 2030 from 2005 level, and achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
The environment ministry in written response to a question in Rajya Sabha said though there are several estimates regarding India’s financial needs for climate action which vary across studies due to differences in assumptions, coverage, and modelling approaches, the estimated requirements in all cases are substantial and in the range of tens of trillions of dollars by 2050.
India’s climate actions have, so far, been largely financed through domestic resources, including government budgetary support as well as a mix of market mechanisms, fiscal instruments and policy interventions. It includes sovereign green bonds and thematic funds for blended finance.
“Although domestic finance accounts for the lion’s share of climate finance, India will continue to emphasize the delivery of international climate finance by developed countries to developing countries for climate action,” said minister of state for environment, Ashwini Kumar Choubey, in his written response.
India had first submitted its NDC to the UN climate body in October, 2015. The NDC was subsequently updated with enhanced commitments in August last year. India’s initial NDC provided a preliminary estimate that at least $2.5 trillion (at 2014-15prices) would be required for meeting India’s climate change actions between 2015 and 2030.
“In November 2022, India has submitted its long-term low-carbon development strategy to the UNFCCC (UN climate body), which envisages that a transition to a low-carbon development pathway will entail costs, pertaining to the deployment of new technologies, development of new infrastructure, and other transaction costs,” said Choubey while explaining why the country would now need tens of trillions of dollars by 2050.
As per updated NDC, reflecting India’s roadmap for a low greenhouse gas emission and climate resilient development pathway, the country has an enhanced target to reduce emissions intensity of its GDP by 45% by 2030 from 2005 level, and achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
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