Homeindia News

With COP27 around the corner, India to focus on climate finance and fossil-fuel mix use

With COP27 around the corner, India to focus on climate finance and fossil-fuel mix use

With COP27 around the corner, India to focus on climate finance and fossil-fuel mix use
Read Time
2 Min(s) Read
Profile image

By CNBCTV18.com Oct 27, 2022 2:05 PM IST (Published)

The climate conference will be held in Sharm El Sheikh, Egypt between November 6 and 18.

Ahead of the 2022 United Nations Climate Change Conference or COP27, India will bring up issues of climate finance for developing countries while emphasising the use of a mix of fossil fuels and renewable energy to continue to drive growth. The climate conference will be held in Sharm El Sheikh, Egypt, between November 6 and 18.

Recommended Articles

View All

Among other things, there will be a greater emphasis on the International Solar Alliance (ISA) as well as the use of carbon credits market internationally under Article 6 of the COP26 agreement.
ALSO READ:
While developed countries had agreed to supply $100 billion annually to developing nations to help in climate finance, most of the contributions remained unfulfilled. To enable developing countries to cut their emissions, financial help to the tune of trillions would be required. The upcoming conference will see India argue for more comprehensive financial commitments that extend past 2025. Additionally, India is also expected to take up the question of climate finance for adaptation as well as loss and damage from climate change to developing countries.
A contentious point that India may stick to is the continuing use of fossil fuels while increasing renewable capacity. India along with China had forced the inclusion of an amendment in the COP26 pledge to water down the commitment to leave fossil fuels like coal. The pact called for a ‘phase down’ of coal instead of a ‘phase out’, despite the fact that coal remains the most polluting and harmful fossil fuel being used.
India recently updated its Nationally Determined Contributions to reduce emissions by 45 percent by 2030, compared to 2005 levels. Additionally, India aims to reach 50 percent installed generation capacity of renewable and non-fossil sources by 2030. India will try to achieve these targets "with the help of low-cost international finance". In other ambitious goals, India aims to set up 500 GW of renewable capacity by 2030. A stark contrast from the 169.71 GW renewable capacity today. India aims to achieve net zero emissions by 2070.
India may also submit its long-term strategy (LTS) to reach net-zero emissions in COP27 as part of the agreement within last year’s Glasgow Climate Pact. Though, whether the LTS is ready for submission or not is not yet clear.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng