The IMF applauded India’s announcement at the COP26 conference of new goals to enhance renewable energy use and lower its economy’s carbon intensity, including a net-zero aim by 2070.
According to Gerry Rice, Director of the International Monetary Fund’s (IMF) Communication Department, India’s initiatives may assist spark action in other emerging economies to address climate change concerns.
Rice told reporters at a news conference on Thursday that “we welcome India’s announcement at COP26 of new targets to expand reliance on renewables and lower the carbon intensity of its economy, including adopting a net-zero aim by 2070.”
“As you are aware, India is currently one of the world’s major emitters, and its electricity generation is still highly dependant on coal. Rice responded to a query by saying, “India’s strong investment in renewables and climate change adaptation policies imply it is well-positioned to take further efforts to meet this new target.”
Modi increased India’s Nationally Determined Contributions (NDCs) from 450 gigawatts to 500 gigawatts of non-fossil energy capacity by 2030, in addition to the net-zero ambition.
Modi assured other world leaders that India would boost renewable energy’s contribution in its energy mix from roughly 38% last year to 50% by 2030.
At the COP26 climate meeting, India’s Prime Minister Narendra Modi startled the world by stating that he would set a goal of attaining net-zero carbon emissions by 2070, two decades ahead of what experts estimate is required to avoid catastrophic climate impacts.
