IMF welcomes India’s announcements at Glasgow Climate Summit
The International Monetary Fund (IMF) has welcomed India’s announcement at the COP26 summit on new targets to increase reliance on renewable energy and reduce the carbon intensity of its economy, including the adoption of a net zero target by 2070.
Gerry Rice, director of communications at the IMF, said India’s action could help catalyze action in other emerging economies as well as help address the challenges of climate change.
“We welcome India’s announcement at COP26 to increase reliance on renewable energy and reduce the carbon intensity of our economy, including the adoption of a net zero target by 2070,” Rice told reporters at a news conference on Thursday. “
“As you know, India is currently one of the world’s largest emitters, which is still heavily dependent on coal for power generation. India’s significant investment in renewable energy and climate change adaptation policies shows that it is in a good position to take further steps to reach this new goal.” Mr. Rice said in response to a question.
“Given the urgent need for global mitigation action, we are pleased with India’s focus on achieving progress in the current decade. And, along with other countries, it will be important to follow specific actions to control emissions in the current decade,” he said. ” .
At the COP26 summit in Glasgow, Prime Minister Narendra Modi made important announcements including a bold pledge to make India net zero by 2070.
In addition to the net zero target, Mr Modi also increased India’s Nationally Determined Contribution (NDC) to achieve 450 GW of non-fossil energy capacity to 500 GW by 2030.
“India will increase its non-fossil energy capacity to 500 GW by 2030; India will meet 50 percent of its energy needs from renewable energy sources by 2030. Between now and 2030, India will contribute 1 billion to its total estimated carbon emissions. ton more by 2030,” Mr. Modi had said at the conference.
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