India to meet emission reduction goals under Paris climate agreement
POWER & RENEWABLE ENERGY

India to meet emission reduction goals under Paris climate agreement

Minister of Finance Nirmala Sitharaman has told the International Monetary Fund (IMF) that India is on track to achieve its Paris climate agreement goal to drop emissions by 33-35% of its GDP by 2030 from the 2005 level. Sitharaman, in her address to the IMF Committee, said that India barely makes it to the list of top 100 countries in terms of per capita emissions and its per capita energy use is less than half the world average. But, India is all set to reach its Paris Agreement targets - to decrease emissions by 33-35% of its Gross Domestic Product (GDP) by 2030 from the 2005 level; India will likely do better than this goal.

The share of non-fossil fuels in electricity production capacity would reach about 60%, over 40%, that India had pledged. Sitharaman said that India has started on the most ambitious renewable energy project in the world aiming at 450 GW by 2030, which can become a game-changer in India's fight against climate change and will assist in securing the world's climate change.

Sitharaman said that the difficult challenge for India and the rest of the developing nations is the access to adequate and affordable finance and low-cost technology, which is the support for limiting carbon footprint.

The developing nations will need new investments of up to $500 billion yearly by 2030 - to sufficiently restrict their increasing greenhouse gas emissions. These nations will also need an additional several hundred billion dollars to protect themselves from the worsening physical and economic impacts of greenhouse gases.

A recent Oxfam Report finds that the true value of support for climate action of $100 billion yearly committed by advanced nations under the Paris Agreement may be as little as $19-22 billion per year, the finance minister added.

Image Source

Also read: India to achieve Paris Agreement's NDCs limit of 40% power capacity

Minister of Finance Nirmala Sitharaman has told the International Monetary Fund (IMF) that India is on track to achieve its Paris climate agreement goal to drop emissions by 33-35% of its GDP by 2030 from the 2005 level. Sitharaman, in her address to the IMF Committee, said that India barely makes it to the list of top 100 countries in terms of per capita emissions and its per capita energy use is less than half the world average. But, India is all set to reach its Paris Agreement targets - to decrease emissions by 33-35% of its Gross Domestic Product (GDP) by 2030 from the 2005 level; India will likely do better than this goal. The share of non-fossil fuels in electricity production capacity would reach about 60%, over 40%, that India had pledged. Sitharaman said that India has started on the most ambitious renewable energy project in the world aiming at 450 GW by 2030, which can become a game-changer in India's fight against climate change and will assist in securing the world's climate change. Sitharaman said that the difficult challenge for India and the rest of the developing nations is the access to adequate and affordable finance and low-cost technology, which is the support for limiting carbon footprint. The developing nations will need new investments of up to $500 billion yearly by 2030 - to sufficiently restrict their increasing greenhouse gas emissions. These nations will also need an additional several hundred billion dollars to protect themselves from the worsening physical and economic impacts of greenhouse gases. A recent Oxfam Report finds that the true value of support for climate action of $100 billion yearly committed by advanced nations under the Paris Agreement may be as little as $19-22 billion per year, the finance minister added. Image Source Also read: India to achieve Paris Agreement's NDCs limit of 40% power capacity

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?