India believes that the current pace and scale of climate nance and technology support from developed countries are not matching the global aspiration to combat climate change. Therefore India would like “action and implementation of commitments”. According to Environment, Forest, and Climate Change Minister Bhupender Yadav, “There is a need for upscaling the delivery and targets of implementation support including nance and technologies.”
As regards India’s commitments, it may be noted that Prime Minister Narendra Modi had enumerated them in the form of five elements Panchamrit, at the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Glasgow, United Kingdom COP26 summit held in Glasgow in November 2021
Five nectar elements (Panchamrit) of India’s climate action, as outlined by the Prime Minister are:
- Reach 500 GW Non-fossil energy capacity by 2030.
- 50 per cent of its energy requirements from renewable energy by 2030.
- Reduction of total projected carbon emissions by one billion tonnes from now to 2030.
- Reduction of the carbon intensity of the economy by 45 per cent by 2030, over 2005 levels.
- Achieving the target of net zero emissions by 2070.
In this context, the transfer of climate nance and low-cost climate technologies have become more important for the implementation of climate actions by developing countries. The ambitions on climate nance by developed countries cannot remain the same as they were at the time of the Paris Agreement in 2015.
India has emphasized that just as the UNFCCC tracks the progress made in climate mitigation, it should also track climate nance. Further, it has been conveyed to the developed countries that India understands the suffering of all other developing countries, share them, and hence raises the voice of developing countries.
The mantra of LIFE – Lifestyle for Environment to combat climate change was also shared in COP26. It was stated that Lifestyle for Environment has to be taken forward as a campaign to make it a mass movement of Environment Conscious Lifestyles. The message conveyed by India was that the world needs mindful and deliberate utilization, instead of mindless and destructive consumption.
As a part of its overall approach, India believes in the foundational principles of equity, and common but differentiated responsibilities and respective capabilities. All countries should have equitable access to the global carbon budget, a nite global resource, for keeping temperature increase within the limits set by the Paris Agreement and all countries must stay within their fair share of this global carbon budget while using it responsibly
India has called on the developed countries for climate justice, and for undertaking rapid reductions in emissions during the current decade to reach net zero much earlier than their announced dates, as they have used more than their fair share of the depleting global carbon budget.
India’s interests have been articulated in decisions adopted at COP26. The announcement to intensify India’s climate action has the potential to bring investment and new technologies to support the country’s transition to a clean and climate-resilient economy. Many nations in the world have applauded the five nectar elements (Panchamrit) of India’s climate action.
On its part, India would help countries chart action as agreed under Paris Agreement 2015 to keep emissions in check to restrict global temperature rise to 1.5 degrees Celsius compared to the pre-industrial era.
However, India wants that multilateralism and its rules-based order should be honored by all without resorting to unilateral measures which would harm other countries. All should respect the principles and provisions of UNFCCC, including equity and common but differentiated responsibilities (CBDR) and respective capabilities; these should continue to be the guiding pillars of global efforts to combat climate change
At COP26, Prime Minister Modi had presented an ambitious agenda for India’s contribution to the global efforts to combat climate change. His vision of Panchamrit involved the installation of 500 GW non fossil energy capacity by 2030, reduction in the emissions intensity of GDP by 45 per cent over 2005 levels, 50 percent electric installed capacity coming from non-fossil sources by 2030, 1 billion tonnes reduction in carbon emissions till 2030, and India to become net-zero by 2070.
