COP27: India, China on track to overachieve 2030 UN climate targets
- IBEF
- November 10, 2022
The world's two largest economies, India and China, are on track to surpass their 2030 UN climate targets as the United Nations Climate Change Conference (COP27) gets underway against the backdrop of a year in which extreme weather conditions have once again shown how urgent it is to reduce greenhouse gas emissions.
Between 2016-21, India's installed capacity for renewable energy increased at a rate of 19% annually.
According to the World Energy Outlook 5 for 2022 published by the International Energy Agency, "Coal demand rebounded strongly in 2021 to over 5,600 million tonnes of coal equivalent (Mtce) as economies recovered from the pandemic and some countries—notably India and China—turned to domestically produced fuel sources in the interests of affordability and energy security."
At the end of FY22, India had 157 GW of installed renewable energy capacity, representing 39% of its 400 GW total capacity and 22% of its total energy production.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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