Does Donald Trump's victory change the outlook for climate change mitigation and financing at COP29?
Let's look at it historically. Even under the previous Trump administration, India's own renewable energy deployment and its ambitions kept rising. I don't see any reason why our domestic targets should scale back. Even the latest CEA (Central Electricity Authority) report is now looking at not just 500 gigawatt (Gw) (of renewables) by 2030, but 600 Gw by 2032, which presents an additional investment opportunity of around $100 billion. I do not see scaling back. I'm only seeing the direction of travel, and the potential to scale up the ambition overall.
And financing?
The other aspect is financing. Not a single developed country has delivered what they committed to climate financing, even that is inadequate to what is needed. India's own submissions, as well as the numbers that have come from independent expert groups, all suggest that about $1 trillion is needed annually from international sources to meet the $2.5 trillion annual target of climate finance that the developing countries need.
As COP29 starts and the debate around the new collective quantified goal for climate finance gains prominence, my worry is about what the collateral damage would be in terms of the ambitions and acceleration of what other countries do, as well as the money that is promised. Especially, if the largest historical polluter sends signals that they would neither provide the money nor speed up what's happening domestically.
この記事は Business Standard の November 11, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Standard の November 11, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Low valuation sparks interest in IndusInd
Analysts believe worst may be over for lender after sombre Q2 results
Demand, margin gains ahead for UPL
Agrochemicals manufacturer UPL reported a muted quarter as operating profit remained flat on a year-on-year (Y-o-Y) basis, due to a price decline (down 7 percent Y-o-Y) and surplus capacity in China.
Exchanges roll back direct payout of securities to client accounts
The National Stock Exchange (NSE) and BSE on Tuesday announced rollback of the direct payout of the securities to client demat accounts—which was enabled on November 11.
Swiggy makes market debut today
Shares of food delivery major Swiggy will make stock market debut on Wednesday following its ₹11,327 crore initial public offering (IPO), second biggest this year and sixth-largest to hit the domestic market.
NTPC Green Energy IPO eyes $12 bn Valuation
NTPC Green Energy Ltd is considering seeking a valuation of about $12 billion in what could be one of India's biggest initial public offerings (IPO) in the renewable energy industry, according to people familiar with the matter.
Sebi simplifies process for registration of certain FPIs
Abridged version of application form to be available in 3 months
11 of 17 Nifty sector indices in correction mode
As many as 11 of 17 frontline Nifty sector indices are in 'correction' mode with energy, auto and central public sector enterprises (CPSE), consumption, and fast-moving consumer goods (FMCG) suffering the most in the recent market fall, according to data.
Nifty falls to near 5-month low
Earnings disappointment and foreign outflows continue to weigh on markets
BITING THE BULLET
The Bullet Train has been a 'dream project'. Can it become a reality anytime soon?
India to be among top 3 or 4 mkts for Siemens in 3 years
Country now contributes 3.5-4% to the firm's revenue