Modi Commits to Net-zero Emissions by 2070, Asks for $1T Financing

Prime Minister Narendra Modi announced India’s commitment to reach net-zero carbon emissions by 2070, urging developed nations to fast track $1 trillion of climate financing for developing nations.

“India will be net zero by 2070,” Modi said in a surprise announcement during the UN COP26 climate summit in Glasgow.

Prior to the summit, India was among the few major emitters that did not commit to net-zero targets under the Paris Agreement. India is the third largest emitter of greenhouse gases, next to China and the United States.

Modi promised a committed switch to renewable energy, saying that India will install 500 GW of renewable energy by 2030. The country had initially committed to a target of 450 GW and is currently on track to installing 175 GW by 2022.

The prime minister added that the carbon intensity of India’s economy — the amount of carbon emissions required to produce the country’s gross domestic product — would decline by 45 percent by 2030.

Developed countries should also finance developing nations for their climate goals, according to Modi. A pledged $100 billion climate aid, for which India would be the largest recipient, is still yet to materialize.

“India expects developed countries to make $1 trillion in climate finance available as soon as possible,” Modi maintained, adding pressure to developed nations to fulfill their pledges.

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