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environment | IST

India needs investments worth $10 trillion to achieve net-zero goal: CEEW-CEF

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The power sector would require over $8.4 trillion, and industrial sector over $1.5 trillion for setting up green hydrogen capacity. However, India is disappointed with the COP26 meeting on the issue of climate financing, as the meeting was pushing for more measures on climate crisis mitigation with few commitments on climate finance.

Days after Prime Minister Narendra Modi committed to achieving net zero emissions by 2070, a report by the Council on Energy Environment and Water, a Delhi-based think-tank has highlighted that India will require investments worth $10 trillion to achieve that goal.
India will require investments worth over $10 trillion to achieve net zero emissions by 2070, indicate the Council on Energy Environment and Water, and Centre for Energy Finance.
According to this report, the power sector alone would require investments worth over $8.4 trillion, and $1.5 trillion would have to be invested in the industrial sector for setting up green hydrogen capacity.
Also, India would need foreign investment support of $1.4 trillion as concessional finance. The report goes on to say that financial regulators like RBI and SEBI need to create an enabling ecosystem for green financing, and India's total installed solar power capacity would need to increase to 5,630 gigawatts by 2070.
Usage of coal, especially for power generation, would need to peak by 2040 and drop by 99 percent between 2040 and 2060.
Crude oil consumption across sectors will need to peak by 2050 and fall by 90 percent between 2050 and 2070, according to the report.
Government sources have been saying that India had come back disappointed from COP26 on the issue of climate financing, as COP26 was pushing for more measures on climate crisis mitigation with few commitments on climate finance.