GLASGOW, NOVEMBER 02, 2021: Faradion welcomes the announcement by Indian Prime Minister Narendra Modi to adopt a Net Zero emissions target by 2070.
The first big announcement of COP26 in Glasgow is noteworthy because PM Modi’s pledges are significantly more ambitious than India’s current nationally determined contribution (NDC) submitted to the UN.
India’s new target is to reach 500 GW of installed renewable energy capacity by 2030, which is an increase on India’s previous 450 GW target.
India’s non-fossil fuel sources today already account for 39% of India’s power generation capacity, which will help India easily surpass its Paris Agreement commitments of 40% by 2030. The new target is 50% by 2030.
PM Modi also promised India would reduce carbon intensity by 45% by 2030, up from a previous target of 33% set in 2016, compared to 2005 levels.
Faradion CEO James Quinn said: “As the first big announcement of COP26, PM Modi’s speech marked a clear increase in climate ambition by India and augurs well for its energy security. To aim for Net Zero by 2070, India’s emissions could peak around 2030, which is good news for the world. It is important to note India has the lowest per capita emissions of the world’s major economies – 5% of the total, despite being home to 17% of the world’s population.”
“India forms a large part of our future growth in creating sodium-ion battery solutions for energy storage, electric vehicles and other applications. e are pleased that PM is continuing to show global climate leadership.”