Ahead of COP27, India formally committed to pivot half its electricity generation capacity to use clean fuels by 2030
for manufacturers of electric vehicles and batteries, amendments to energy use laws and introducing a national hydrogen plan.
The cabinet decision to update its NDCs comes ahead of the next round of global climate talks in Egypt in November. India will require financial resources and technological support committed by developed nations to meet its climate goals, which have so far been largely financed from domestic resources, Wednesday’s government statement said. The updated commitments will be implemented over the decade of 2021-2030.
In Glasgow last year, India had argued that it should get $1 trillion in climate funding out to 2030. The country will need to spend more than $12 trillion by 2060 to put it on track to reach net-zero emissions, according to Standard Chartered Plc. Modi’s demands are unlikely to be met. Rich nations have said that they will only be able to meet a 2020 goal to provide $100 billion a year in climate finance to poorer countries in 2023.
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