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Source– The post is based on the article “Expect action on our aim of carbon neutrality by 2070” published in the mint on 1st February 2023.
Syllabus: GS3- Environment
Relevance– Climate change
NewExpect action on our aim of carbon neutrality by 2070he article explains the challenges in reducing emissions by developing countries. It also tells about the steps taken by India to fight climate change and the way forward to meet financial needs for a low emission path.
What are the issues in the fight against climate change?
Many developed countries have already peaked their emissions. But, it is an enormous task for developing countries to achieve carbon neutrality.
The low carbon development strategy is being suggested to achieve low emissions. But, it needs appropriate technology and huge financial resources.
Developed countries have made a commitment of funds and technology transfer. But, resource flow and transfer of technology is inadequate.
What are steps taken by India to fight climate change?
India is committed to decouple emissions and economic growth in its development strategy. Its strategy is guided by NDCs adopted in 2015 and updated in 2022. Country has set the target of net-zero emissions by 2070.
More than 40% of existing electricity is based on non-fossil fuel resources.It is envisaged to reach 50% by 2030.
The total carbon stocks in country forests are increasing. Carbon sequestered through forest and tree cover is estimated at 30.1 billion tonnes of carbon dioxide
The vision of LiFE seeks the rational utilisation of natural resources with transition from fossil fuels to cleaner sources of energy.
The renewable energy is covered under country provision for priority sector lending. Green bonds are gaining traction in global and domestic financial markets. SEBI has enhanced the scope of green debt securities.
What is the way forward to meet the financial needs for fighting climate change?
2.5 trillion is needed to meet India NDC targets by 2030. Mobilisation of resources from private and public resources will be vital.
A holistic approach is needed for scaling up resources for climate action. An enhanced role by multilateral development banks to catalyse private finance at scale and reasonable cost is imperative.
Developed countries should assume the responsibility of enabling access to financial resources and technology. The G20 presidency provides an opportunity to India to highlight global cooperation in accessing technology and finance.
