India’s new climate targets will be difficult to meet without significantly compromising the country’s stated economic goals and its ambition to become a $ 5,000 billion economy by 2024-25, according to global forecasting firm Oxford. Economics. He further said India’s commitment to achieve “net zero” emissions by 2070 is admirable, but the path Prime Minister Narendra Modi announced at COP26 to achieve this goal is ambitious.
“We believe the new climate goals will be difficult to achieve without significantly compromising India’s stated economic goals and ambition to become a $ 5,000 billion economy by 2024/2025. Indeed, it could. not even be possible, ”Oxford Economics said.
In 2019, Modi envisioned making India a $ 5,000 billion economy and a global power by 2024-25. Last month, the Prime Minister announced a bold pledge that India will reach net zero carbon emissions by 2070 and affirmed that it is the only country that is “living up to the letter and in spirit” on the commitments of fight against climate change within the framework of the Paris Agreement.
Financing the transition will also be a big challenge, according to Oxford Economics. “Studies put the investment bill at around $ 200 billion per year in the 2020s and 2030s for India to become net zero by 2070. Spending needs are gradually increasing as low-cost technologies move forward. are exhausted, ”he said.
Net zero emissions mean the world is not adding new emissions to the atmosphere. With funding from developed economies likely to disappoint, Oxford Economics noted that India will rely on private investment to bridge the gap between its domestic resources and needs.
“The gloomy track record of foreign investment in infrastructure projects does not bode well in this regard,” he said. The Global Forecasting Company suggested that given these issues, “we believe India’s net zero schedule will need to be revisited. We maintain our baseline view of India’s carbon emissions starting to peak at the late 2040s “. Oxford Economics also noted that India’s decarbonization plan suffers from low emphasis on carbon phase-out strategies.