According to global forecasting firm Oxford Economics, India’s new climate targets will be difficult to achieve without compromising on the country’s stated economic goals and ambition of becoming a $5 trillion economy by 2024-25. It further said that while India’s resolve to achieve ‘net zero’ emissions by 2070 is laudable, the path announced by Prime Minister Narendra Modi at COP26 to achieve that target is ambitious.
Oxford Economics said, “We feel that it will be difficult to achieve the new climate targets without compromising on India’s stated economic goals and ambition to become a $5 trillion economy by 2024/25. In fact, it may not even be possible.” Is.”
In 2019, Modi envisioned making India a $5 trillion economy and global powerhouse by 2024-25. Last month, the prime minister announced a bold pledge that India would achieve net zero carbon emissions by 2070 and asserted that it was the only country to follow the commitments under the Paris Agreement to tackle climate change in “letter and spirit”. sending out.
According to Oxford Economics, financing the transition will also be a major challenge. It added, “Studies project the investment bill for India at around $200 billion a year in 2020 and 2030, which will drop to net zero by 2070. Spending requirements grow progressively as low-cost technologies are phased out. are,” it said.
Net-zero emissions mean that the world is not adding new emissions to the atmosphere. With funding from developed economies likely to be disappointed, Oxford Economics said India would rely on private investment to bridge the gap between its domestic resources and requirements.
“The poor track record of foreign investment in infrastructure projects does not bode well in this regard,” it said. The global forecasting firm suggested that given these issues, “we feel that India’s net-zero timeline will need to be revisited. We are looking forward to reaching the peak of India’s carbon emissions in the late 2040s.” Maintaining the basic approach.” Oxford Economics also noted that India’s de-carbonization plan places less emphasis on carbon removal strategies.