The UK will provide an “India Green Guarantee” to the World Bank, to unlock an additional 750 million pounds for green projects across India which was announced at the COP26 summit in Glasgow.
The UK Prime Minister emphasised the importance of providing climate finance for the developing world, the democratisation of green tech and other solutions to the climate crisis at an Action and Solidarity Roundtable at COP26. The green guarantee financing will support clean and resilient infrastructure in sectors such as clean energy, transport and urban development.
Further, in an aid-backed Private Infrastructure Development Group (PIDG), the UK has committed more than 210 million pounds in new investment at the UN climate summit to back transformational green projects in developing countries, including electric vehicles (EVs) in India.
The U.K.’s PIDG financing will go to schemes including electric vehicle manufacturing in India, green bonds in Vietnam and solar power in Burkina Faso, Pakistan, Nepal and Chad – projects which are expected to mobilise more than 470 million pounds in additional private sector finance.
The “Clean Green Initiative” was also launched at COP26 to help developing countries take advantage of green technology and grow their economies sustainably. The funding kickstarts the U.K.’s new Clean Green Initiative (CGI), which will help to scale up public and private investment in quality, sustainable infrastructure globally.
In addition, the UK also announced a package of guarantees to multilateral development banks that will provide a major boost to investments in climate-related projects in India and across Africa.
Net zero by 2070
India will reach carbon neutrality by 2070, Prime Minister announced as part of a five-point action plan that included reducing emissions to 50% by 2030, making the boldest pledge at the COP26 climate summit in Glasgow along with urging developed countries to deliver on their promise of climate financing.
- This is the first timeIndia has committed to net-zero emissions.
- India has thelowest per capita emissions of the world’s major economies emitting 5% of the total, despite accounting for 17% of the world’s population and in absolute terms, India is the fourth largest carbon emitter after China and the US.
- China has pledged to turn carbon neutral by 2060while the US and the European Union as a block, EU nations together account for the third largest volume of emissions aim to do so by
- Many developing countries in Asia have announced net zero targets like Thailand, Sri Lanka, Malaysia.
- To keep temperatures from rising more than 1.5C, the UN’s Intergovernmental Panel on Climate Change projects that the world has to reach net-zero carbon dioxide emissionsby about mid-century and then hit net zero across all greenhouse gases by 2070.
- Cropping patternsin India are changing due to monsoonal flooding and unseasonal and extreme rainfall. India’s infrastructure needs to be made resilient to climate change and climate change adaptation should be mainstreamed.
5 Point Action Plan by PM
- The country will increase its non-fossil fuel power capacityto 500 gigawatts (GW) by the end of the decade, up from 450GW.
- Half of India’s energy needs will be fulfilled by renewable sources by 2030.
- India’s 2030 carbon intensity goalmeasured as carbon dioxide emissions per unit of gross domestic product will be increased from 35% to 45%.
- The country will also strive to produce half of its electricityusing renewable energy and cut carbon-dioxide emissions 1 billion tons from business as usual by 2030.
- By 2070, India will achieve the target of net-zero emissions.