India Will Need 13 Trillion to Complete Green Journey
In today’s world, the topic of global challenges is frequently discussed. Many countries are grappling with concerns related to carbon emissions and greenhouse gases, relying on leading nations to address this significant issue. Raising awareness has become crucial in resolving these global challenges, as everyone is responsible for prioritizing humanity over money.
India, a lower-middle-income country and among the top carbon emitters, has set a goal to decrease the emissions intensity by the year 2030. By the end of the decade, India plans to have 50% of its power generation capacity come from clean sources such as solar, wind, nuclear, and hydropower.
India needs to make significant changes to reach net zero emissions by 2050. According to recent reports, India must invest a whopping $12.7 trillion in their energy sector, more than three times their annual GDP. However, this investment is crucial to make consequential changes, avert disastrous global warming, and protect the planet for future generations.
Despite the rapid expansion in renewable energy, the world’s third-largest emitter of greenhouse gases still relies heavily on coal, which accounts for about 70% of its electricity and supports heavy industries, including steel, cement, and aluminum. In 2022, a record-high 16 gigawatts of utility-scale solar was installed, but there is still a long way to go. To achieve a low-carbon future, cumulative investments of $2.8 trillion will be required by 2050, with $2.7 trillion dedicated to low-carbon solutions, which amounts to over $90 billion annually.
“Building all the necessary infrastructure would require investments at an unprecedented scale and speed, which the Indian banks alone may not be able to meet,” said Shantanu Jaiswal, head of India research at BNEF. He further stated, “India needs to set sector-specific decarbonization pathways and to develop enabling policies to tap all sources of global and domestic financing.”
In transitions to meet long-term global warming targets, emerging markets must invest an additional $94.8 trillion. According to a study, India needs $12.4 trillion, while China’s transition finance gap is around $35.1 trillion. Other emerging markets include Nigeria ($283.3 billion), South Africa ($833.6 billion), Malaysia ($909.9 billion), the UAE ($671.1 billion), Kenya ($413.6 billion), and Indonesia ($2.7 trillion).
It has been reported that IRENA has declared India capable of achieving its Green Journey towards net zero well before the set deadline and eradicating greenhouse gas emissions. Climate change is accountable for global warming and altering weather patterns, riverbanks, crop production, precipitation, drought, and all-natural calamities. It is projected that by 2070, millions of people may lose their sources of income and be forced to relocate. As a result, tackling climate change has become one of the most pressing challenges in the years to come.
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