India Must Commit To Net Zero Emissions

Context: The United Nations Climate Change Conference (COP26) in November in Glasgow is shaping up to be the most important climate meeting since the Paris Agreement in 2015. India will need to take a stand on climate change action or risk being cast globally as an outlier.

About net-zero emissions target

• Net-zero emissions refer to balancing the amount of emitted greenhouse gases with equivalent emissions that are either offset or sequestered.
• Global trend: Over 100 countries already committed to net zero emissions by 2050, and China committing to be so before 2060.
• India’s policy stance: India is resolutely not committing to net-zero by 2050, citing  - 
  • Developmental needs: As a developing country, it needs to see significant support from developed countries for climate action.
  • Historical responsibility, per capita emissions and equity.

Risks associated with not committing to net-zero emission targets

• National Interest compromised: As India is among the most vulnerable countries to climate change.
  • India faces harmful impacts related to sea-level rise, heat stress, drought, water stress and flooding, biodiversity and natural disasters.
• Reduces India’s credibility as a rising power:  India is already the third-largest emitter in the world and is set to be the largest as United States, China and European Union are all signed up to net zero.
  • A significant drag on India’s international diplomacy: Climate action to be the priority in guiding relationship with US and Group of 77 (G77) states, who are increasingly concerned to see climate action, and in multilateral groupings such as United Nations and ASEAN-APEC.
• Economic miss-outs: There is no longer a trade-off between reducing emissions, and economic growth as renewable energy costs have been falling consistently over the years. 
  • Energy transition opportunity: In 2020, investors injected over $500 billion into climate transition. 
  • In just the energy sector alone, an estimated $1.6 to $3.8 trillion is required every year until 2050.
  • So, if India stands as an outlier, there are risks of missing these economic opportunities.

Way forward: Despite the case for net-zero emission targets, India needs be lasting partnerships that deliver results on the climate front.

• Stronger political engagement and dialogue: To policy support in areas of the mutual challenge such as energy policy, carbon markets and post-COVID green economic recovery. 
• Practical support and cooperation: In areas like rolling out renewable energy and integrating it with the national grid, zero-emissions transport, decarbonising hard to abate sectors like steel, cement and chemicals and decarbonising agriculture offer significant scope to raise ambition. 
• Working on innovative green financing: For decarbonising investments, including using donor support to mobilise private sector finance, green bonds and climate transition funds.