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India’s Indc Submission: Windfall For Renewable Energy Projects
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India recently submitted its Intended Nationally Determined Contribution (INDC) to the United Nations Framework Convention on Climate Change (UNFCCC), marking a significant milestone in the efforts to reach the first, country-led climate deal in Paris this December.
As per its submission, India has committed to:
Reigning in the emission intensity of per unit GDP by 33-35% below 2005 levels by 2030.
Increasing non-fossil fuels in its electrical mix to 40% installed capacity by 2030 with the help of transfer of technology and low cost international finance including from the Green Climate Fund (GCF).
Adding 175GW of new renewable energy generation by 2022 (of which 100GW will be solar).
Adding forest and tree cover to create a carbon sink for 2.5 to 3 billion tons of CO2 by 2030.
In a 2011 study by the Centre for Global Development, World Bank economist David Wheeler ranked India as the third-most vulnerable to weather changes by 2015, and the most vulnerable, in terms of population affected, to sea level rises by 2050.
India’s announcements are expected to provide a much-needed boost to investments in ongoing adaptation programs and renewable energy projects, particularly agriculture, water resources, Himalayan region, coastal regions, health and disaster management.
In addition to dramatically curbing emissions, the massive investments by India in renewable energy projects are likely to accelerate the transformation of the clean energy sector, driving clean energy costs lower and permitting deeper, steeper emissions reductions down the road.
Major global agencies tracking climate change have welcomed India’s INDC initiatives. The Climate Action Network, a body of 950 green NGOs, said India had “through its INDC demonstrated its willingness to play an important role” in the climate talks.
A report from Climate Action Tracker (CAT) a body of four independent research organisations tracking climate change, says India will comfortably exceed its INDC targets. Climate Action Tracker is a body of four independent research organisations tracking climate change. CAT estimates that India will achieve 41.5% reduction in emissions intensity of GDP by 2030, (against the target of 35%) even without any new policies.
Experts note that India is “comfortable” with its targets because of the several initiatives launched as long back as in 2008, under one of the eight missions of the National Action Plan for Climate Change. The better known measure is the renewable energy target of 175 MW, but there are others too—for instance, 760 water supply projects worth INR 35,650 crore under the aegis of the National Mission on Sustainable Habitat.
As one of the countries, most vulnerable to the effects of climate change, India’s INDC contributions are undoubtedly significant both in the domestic and global context.
India is powering ahead with its renewable energy projects agenda with a range of new initiatives and policies to fuel its growth announced this year.
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