How India plans to achieve a zero net carbon emission level
Author: Shailendra Singh Rao
India has a long-term goal of reaching net zero carbon emissions by 2070, a part of its five-fold strategy for combating climate change announced during COP26. To achieve this objective, the country recently submitted its updated Nationally Determined Contribution under the Paris Agreement to the UN Framework Convention on Climate Change. As per the updated NDC, the nation envisions reducing the emissions intensity of its GDP by 45% by 2030 from 2005. India also intends to achieve around 50% cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030 with the assistance of the transfer of technology and low-cost international finance, including from the Green Climate Fund. New to the carbon credit market, India needs robust regulatory frameworks that provide clear and specific guidelines for emission reductions. Putting a price on carbon emissions will help raise awareness of the environmental and social costs of carbon pollution, encouraging investors to contribute to carbon emission reduction. However, the carbon credit market needs a sufficient number of sellers to meet potential buyers’ demands.