India will need $10.1Trn investment to reach net-zero by 2070: Study

A study conducted by CEEW-CEF (Council of Environment, Energy & Water-Centre for Energy Finance) has estimated that India would require a cumulative investment of around $10.1 trillion to reach zero emissions by 2070.

The study called 'Investment Sizing India's 2070 Net-Zero Target’ states that these investments would support India to de-carbonize its power, transport and industrial sectors. Although, the study anticipated that India could suffer a significant shortfall of investment of around $3.5 trillion for achieving the net-zero target.

As a solution, an investment support of $1.4 trillion would be required from developed economies in concessional finance for mobilizing foreign capital, which will bridge the gap.

Mr. Narendra Modi, Prime Minister of India, has announced during a recently concluded climate change summit (COP26) that India aims to achieve net-zero by the year 2070.

For those unaware, net-zero is the approach in which any unit stops putting into or pulls out the same amount of carbon from the atmosphere as it consumes. These unit can be a factory, city, state or country.

India professed its bold near-term and long-term climate targets at COP26. The announcement at COP26 highlights that majority of the investments are said to be required to transform India's power sector.

Around $8.4 trillion investment would be needed to pointedly scale-up generation from distribution and transmission infrastructure, renewable energy and associated integration.

Arunabha Ghosh, CEO, CEEW, said that according to a study conducted by their analysts, India would require enormous investment support from developed countries. Developed countries must set hard targets for offering climate finance in the coming years.

Vaibhav Pratap Singh, Programme lead and lead author of the study, said that India's target of achieving the net-zero target by 2070 is a strong commitment that would not only contribute to global de-carbonization efforts but also transform how jobs and businesses of the future would look like.

Source Credit - https://www.business-standard.com/article/current-affairs/india-needs-10-1-trn-investments-for-net-zero-emissions-by-2070-ceew-121111900086_1.html