Our Terms & Conditions | Our Privacy Policy
Leaders in the upcoming United Nations Climate Change Conference or COP29 scheduled in Baku, Azerbaijan next month are expected to press for more collaborative efforts to expedite renewable energy (RE) capacity additions and seek enhanced funding commitments by the rich world.
India, which has time and again advocated for coal-based energy to meet its power requirements, is likely to maintain its stance with a major push for global climate fund, and action plans to address the challenges in operationalising RE. The country is expected to push for efficient energy storage systems and transmission connectivity for green energy.
“India will likely push for a major global climate fund, calling for fair contributions from developed nations based on their past emissions, while ensuring that this transition is fair and balanced,” said Mahesh Girdhar, MD & CEO, EverEnviro Resource Management Ltd. “We expect India to also push for more funding for projects that help strengthen infrastructure and agriculture against climate impacts.”
Broader markets see deep cuts
Passive Euthanasia in India: Navigating new pathways for dignified end-of-life choices
When consumers do not differentiate between retail formats, as long as their needs are met, why should any retail policy?
The future of real estate: How inflation is shaping the investing strategy in India
The industry believes that the country would emphasize on the need for countries to move away from fossil fuels at their own pace, keeping energy security and economic growth in mind.
Last year, COP28 had concluded with a final agreement pushing nations to “transition away from fossil fuels” and triple the renewable energy capacity by 2030 while doubling energy efficiency improvements.
“COP28 was historic in the sense that it marked the conclusion of the first ‘global stocktake’ of the world’s efforts to address climate change under the Paris agreement,” said Parag Sharma, Founder and CEO, O2 Power. “The outcomes of global stocktake affirmed that we are not on track to limit the global temperature rise to 1.5 degree Celsius and the window for meaningful change is quickly closing.”
Sharma noted that ambitious targets by developed countries specially the US, and other European countries are required to align with the 1.5 degree Celsius temperature limit. “Implementation of market based mechanisms is required for technology transfer and low cost finance in developing countries like India to meet the NDC’s for meeting the overall goal of 1.5 degrees Celsius temperature limit,” he said.
As COP29 approaches, India’s focus is likely to be on speeding up the use of clean energy technologies like green hydrogen, solar, wind, and bioenergy, including biogas. Compressed Biogas (CBG), with its potential to reduce emissions and manage waste sustainably, will definitely play a vital role in this transition, as per Girdhar.
Another key goal, the industry believes, should be to secure strong climate financing that helps developing countries move away from fossil fuels while giving them access to the latest technologies.
“India will need to press for more funds. Commitment of $100 billion per year is not adequate for emerging markets. Several reports suggest that emerging markets require $3 trillion annually to meet their sustainable development goals,” Sharma said. “ India’s target of reaching non-fossil fuel capacity of 500 GW by 2030 is only possible if we get funding at low interest rates from multilateral development banks.”
At COP28, it was discussed setting a ‘new collective quantified goal on climate finance’ in 2024, taking into account the needs and priorities of developing countries. The new fund that was to start from a baseline of $100 billion per year, was supposed to be a building block for the design and subsequent implementation of national climate plans that need to be delivered by 2025.
“A lot of action is already happening in developing countries like India but in the absence of clarity on climate finance, cheap funds are still not available to fund the climate action,” Sharma said.
“As the world gears up for COP29, the stakes are higher than ever for the global energy transition. The urgency to expand renewable energy capacity is undeniable, with a growing emphasis on innovative technologies such as solar trackers, advanced energy storage, and smart grid integration to facilitate this transition,” said Rajeev Kashyap, Senior Vice President, Nextracker.
Experts also believe that India might be able to ramp up its RE targets and reduce the share of coal-based power before 2030 if the right technology is made available by the developed nations and they are ready to put finances on the table.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.