India will require approximately $1 trillion by 2030 to achieve the India’s national goal on climate change which was announced at the Glasgow Climate Change Conference (COP 26) last month, the Union environment ministry informed the Rajya Sabha on Thursday.
To be sure, the announcements made at Glasgow are not yet nationally determined contributions (NDCs). Under the Paris Agreement, India submitted its NDCs in 2015 with three quantifiable targets, and they remain the same.
These included reducing the emissions intensity of its Gross Domestic Product (GDP) by 33 to 35% by 2030 from 2005 level; to achieve about 40% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030; and to create an additional carbon sink of 2.5 to 3 billion tonnes of CO2eq through additional forest and tree cover by 2030.
On top of these, PM Modi as part of India’s national statement announced on November 1 in Glasgow that: the country’s non-fossil energy capacity will reach 500 GW by 2030