The Real Net-Zero Sum Game

Context: The world must move to a positive discussion focusing on the solution space rather than just focusing on net-zero targets.

India’s climate change actions:

• Financing for climate action: Puts in about $100 billion each year for climate adaptation and ring-fencing its population and systems.
• Push for renewables:
  • Retired 16,400 MW of old and inefficient coal-based plants and plans to retire another 6,000 MW in the next 3-4 years.
  • Ambitious renewable energy plan of 450,000 MW solar capacities by 2030. 

Issues with net-zero targets: They are biased against some (developing) countries:

• Since countries like India will only peak their emission by 2040 while Industrialised countries had peaked their emissions in the 1990s-early 2000s.
• Thus it is unfair to push India to announce net-zero within a decade of peaking when industrialised countries have had at least 50 years.

Way to deal with climate change: Apart from solely focussing on Net-Zero targets -

• Provide finance for climate action: Industrialised countries should provide $100 billion (as promised) each year by 2020 and 2025 and provide a sum proportional to their ‘excess’ per capita emissions.
  • Create a common technology development pool: Like battery storage for the power sector and for electric vehicles (EVs), Carbon dioxide Capture Utilisation and Storage (CCUS), advanced bioenergy and nuclear power.
• Involve business and industry in climate change discussions and action:
  • Financing should be made available to businesses at the same terms as those in the industrialised countries — at a cheaper cost of capital. 
  • Climate change-dependent risk disclosures should be made compulsory for businesses.
• Reduce emissions from agriculture: Especially methane and Nitrogen Dioxide (NO₂), which are very hard to mitigate due to the micro and dispersed nature of livestock and crop production. 
  • Agriculture requires special solutions and international institutional inputs on the lines of the Green Revolution.
• Give priority to adaptation: for helping poor population impacted by climate change and thereby ensuring climate equity and justice.