The Cop28 climate summit, which starts in Dubai on Thursday, is an opportunity for India to boost its efforts in transitioning to renewable energy, industry experts say.
The country’s limitations on moving away from dependence on coal will also come to the fore at the summit, given its rapidly growing energy demands.
“India’s priorities for Cop28 will revolve around building on the positive momentum gained at the recently held G20 [summit in New Delhi], including focusing on tripling renewable energy capacity by 2030, developments in green hydrogen and the need of low-cost finance for energy transition,” says Gautam Mohanka, chief executive at Gautam Solar in New Delhi.
“Additionally, India will focus on accountability and more ambitious climate mitigation plans from the wealthy, developed nations.”
Industry leaders are confident about what India might be able to achieve at Cop28.
“As we enter Cop28, India has the opportunity to showcase not only the progress made but also our unwavering dedication to a green and resilient future,” says green energy company Avaada Group’s chairman, Vineet Mittal, who is part of the delegation.
India has been rapidly increasing its green energy capacity – especially solar – as it recognises this as not only a way to cut emissions, but also to boost its energy security and reduce its import bill from fossil fuels.
The country is aiming for 500 gigawatts of renewable energy capacity by 2030. As of July, India had an installed capacity of 176.49 gigawatts, according to official data.
“Realising the 2030 renewable energy target will be a milestone not to be missed if India is to stay on track for the 2070 net-zero goal,” says Anup Garg, founder and director of World of Circular Economy, a company offering sustainability solutions.
Prime Minister Narendra Modi at Cop26 in 2021 pledged India would cut its emissions to net zero by 2070, and renewables would make up half of the country’s energy mix by 2030. The US and EU have committed to becoming carbon neutral by 2050, while China is targeting 2060 for the goal.
India is the fourth-largest emitter of carbon emissions after China, the US and the EU.
The Cop conference this year is seen as particularly crucial as the planet appears to be falling short in its efforts to tackle climate change. The first full global stocktake of the world’s climate targets will be delivered at Cop28.
United Arab Emirates Dirham Exchange Rate
