India expected to see faster progress towards clean energy economy: Report
- IBEF
- November 15, 2022
According to a new report, at least three of the four top emitters of greenhouse gases - China, the EU, and India - are expected to make faster progress toward a clean energy economy than they have set out in national plans or NDCs. According to the "Global Carbon Budget Report 2022," the top four CO2 emitters in 2021 will be China (31%), the United States (14%), the European Union (8%), and India (7%).
According to the authors, the deployment of renewable energy, particularly solar, is growing in India and will revolutionise the country's electrical industry this decade. India released its updated nationally determined contributions in August, and it is now committed to reducing the emissions intensity of its GDP by 45% by 2030, compared to 2005 levels, and to achieving approximately 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. These NDCs, however, are conditional on the supply of funding and technological transfer. Nationally Determined Contributions (NDCs) are national plans to keep global temperature rise far below 2 degrees Celsius, ideally 1.5 degrees Celsius, as supported in the Paris Agreement.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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