{"id":8486,"date":"2016-01-20T07:18:39","date_gmt":"2016-01-20T01:48:39","guid":{"rendered":"http:\/\/indialegalonline.com\/?p=8486"},"modified":"2017-08-10T15:48:11","modified_gmt":"2017-08-10T10:18:11","slug":"the-price-of-paris","status":"publish","type":"post","link":"https:\/\/www.indialegallive.com\/science-and-environment\/the-price-of-paris\/","title":{"rendered":"The Price of Paris"},"content":{"rendered":"
Though India promised to reduce emissions at the Paris meet, it faces a huge financial hurdle of $2.5 trillion and several challenges before it can come anywhere close to fulfilling its pledges.<\/span> The world recently cheered the agreement at the Paris Climate Conference (COP21). It has been termed as the \u201ctriumph of international diplomacy\u201d as it struck a balance between the interests of the developed and the developing world. <\/span><\/p>\n India had a big role to play in arriving at this historic pact. Being the world\u2019s third largest emitter of greenhouse gases and a developing economy with 300 million people living without electricity, India did not set an emission cap and stressed its inability to drop coal from its energy mix.<\/span><\/p>\n In its INDC (intended nationally determined contributions), submitted to the UN Framework Convention on Climate Change, the Modi government said India intends to reduce emissions intensity of its GDP from 35 to 33 percent by 2030, and aims to achieve about 40 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources during this time-frame. \u201cIt\u2019s a very ambitious target,\u201d said Damandeep Singh, director, CDP India, which works with corporations to disclose their greenhouse gas emissions. But there are several challenges India will need to address before it comes anywhere close to fulfilling its pledges.<\/span><\/p>\n FINANCING PLEDGES<\/span> But then, there is little India can expect in terms of foreign aid. \u201cThe international commitment is only $100 billion for climate finance and that too for all developing countries together,\u201d says Rakesh Kamal, program officer, Centre for Science and Environment (CSE).<\/span> India\u2019s commitments in Paris have huge financial implications. It has pegged it at $2.5 trillion between now and 2030. And <\/span> India needs equity, rather than debt, in renewable energy projects. Today, businesses lack confidence while investing in green energy. For instance, some state regulations don\u2019t permit companies to transmit power generated (through renewables) to other states, says Singh. <\/span><\/p>\n Such bottlenecks have been cited by big companies like Wipro in joining CDP and The Climate Group\u2019s RE100 global platform, wherein companies commit to becoming carbon neutral by relying 100 percent on renewable power. Infosys recently became the first Indian company to join RE100 and aims to become carbon neutral by 2018. \u201cIndia needs to create business confidence, so that companies are willing to put in money in renewables and greener technology,\u201d adds Singh.<\/span><\/p>\n
\nBy Swati Prasad<\/strong><\/span><\/p>\n
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\nIndia\u2019s commitments in Paris have huge financial implications. It has put the cost of meeting these pledges at $2.5 trillion between now and 2030. This includes several costs, including that of adapting to climate change, implications for agriculture, disaster management, etc. <\/span><\/p>\n
\nIndia, in its INDC, has stated its intention to install a capacity of 175 GW of renewable energy, up from around 25 GW today. \u201cThis implies an investment of around $175 billion,\u201d says Singh.<\/span><\/p>\n
\nlittle can be expected by way of foreign aid.<\/span><\/p>\n