With the US pulling out of the climate deal, many developing countries fear that funds will be hard to come by
India is wooing private investors to contribute to clean initiatives such as renewable energy, green buildings and electric vehicles to meet its ambitious targets under the Paris Agreement even as finance from developed countries seems to dry up, the government has said.
“There is a strong linkage between economy and climate, we are working with a balanced approach,” Suresh Prabhu, Union minister of commerce and industry, said in his address to the Climate Business Forum, organised by the International Finance Corporation (IFC).
An IFC analysis shows India will need $3.1 trillion in private investment between 2018-2030 to meet its emissions targets. The IFC is a Washington-DC based organisation that helps the private sector secure access to markets and financing in developing countries.
“Whatever you support us in terms of mobilising finance, we are more than eager,” Harsh Vardhan said.
India has consistently argued that meeting the basic needs of its people is a priority even if it means rising greenhouse gas emissions, and its development should not be hindered because its per capita emissions are much lower than developed countries.
It is widely recognised that climate change will disproportionately impact countries like India, where the resources available to mitigate climate change and combat-related effects are limited. India still relies on heavily polluting sources like coal to generate 59% of its power. But over 300 million people in India are still without electricity.
Moving to low carbon sources of energy requires investment and government support. Some argue that the move to renewable energy sources is an economic opportunity that India can take advantage of.
India has said that developed countries have the responsibility to aid developing countries in this transition through financial contributions and technology transfer.
Source: Hindustan Times
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