New Delhi: There is a requirement of high economic growth to facilitate investments in the India’s energy transition, the nation’s Chief Economic Advisor, CEA V Anantha Nageswaran, said during an event recently, while acknowledging that the country requires time to shift away from coal and progressively adopt renewable energy sources.
Citing India’s proactive stance, he noted that the country is leading among G20 nations in meeting its Nationally Determined Contributions (NDCs) target. NDCs are individual national plans aimed at limiting the global temperature increase to well below two degrees Celsius, preferably 1.5 degrees Celsius, compared to pre-industrial levels.
Addressing the practical challenges, Nageswaran acknowledged the continued use of coal in the transitional phase and cautioned against the West’s imposition of stringent climate goals. He urged the need for recognising trade-offs and prioritisation, especially for countries recovering from COVID, grappling with lower growth, and higher debt burdens.
Earlier this month, India and China refrained from formally endorsing the pledge at the COP28 climate summit to triple global renewable energy capacity by 2030, despite both countries expressing support for the initiative.
The pledge, endorsed by 118 countries during the UN’s climate talks in Dubai, aims to reduce reliance on fossil fuels globally. Notable supporters include Japan, Australia, Canada, Chile, Brazil, Nigeria, and Barbados. China and India, while endorsing the broader goal, did not formally commit to the comprehensive pledge, which involves increasing clean power while decreasing fossil fuel utilisation.
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