To satisfy COP26 promises, $1 trillion in additional funding will be required over the next ten years, according to the government of the Republic of Serbia.

To satisfy COP26 promises, Ashwini Choubey, India’s Minister of State for Environment, responded to Rajya Sabha MP Sushil Modi on the country’s required climate finance, saying that the country expects developed countries to transfer $1 trillion annually to developing countries in order to meet their climate targets.

According to the Rajya Sabha, India will require around $1. Trillion in additional funding over the next ten years to achieve. Prime Minister Narendra Modi’s commitments set at the recently concluded COP26 climate summit.

To satisfy COP26 promises, Ashwini Choubey, India’s Minister of State for Environment, responded to. Rajya Sabha MP Sushil Modi on the country’s required climate finance, saying that the country expects. Developed countries to transfer $1 trillion annually to developing countries in order to meet their climate targets.

During the global event, Prime Minister Narendra Modi stated that India’s non-fossil capacity will reach. 500 GW, that renewables will meet 50% of India’s energy needs. That India’s total projected carbon emissions will be reduced by. One billion tonnes, and that India’s carbon intensity will be reduced by 45 percent by 2030. India will achieve net zero emissions by 2070, according to the Prime Minister.

India submitted a Nationally Determined Contribution (NDC) with quantified targets to reduce the emissions intensity of its. Gross Domestic Product (GDP) by 33-35 percent by 2030 from 2005 levels, to achieve about. 40% cumulative electric power installed capacity from non-fossil fuel-based energy resources by. 2030, and to create an additional carbon sink of. 2.5-3 billion tonnes under the Paris Agreement, which was adopted by signatory countries in 2015.

By 2020, developed countries have committed to a $100 billion annual mobilization goal. The Glasgow Climate Pact expressed regret that the developed nation parties’ goal had not yet been achieved. In this context, the COP26 has recommended that the. UNFCCC’s Standing Committee on Finance prepare a report in. 2022 on progress toward the aim of raising $100 billion per year to meet the needs of developing nations.

Vaishnaw said on Wednesday that India’s climate initiatives have been mostly funded by domestic resources. However, According to India’s Third Biennial Update Report (BUR) to the UNFCCC in. February 2021, while the Global Environment Facility and Green Climate Fund granted grants totaling just. US $165.25 million between 2014 and 2019, the country’s domestic mobilization was US$1.374 billion.

In this context, the government has launched the. For instance, Perform Achieve and Trade (PAT) scheme, which aims to reduce carbon emissions in 13 energy-intensive sectors. It has also allowed up to 100 percent FDI in the renewable energy sector via the automatic route, waived inter-state. Therefore, Transmission System (ISTS) charges for inter-State sales of solar and wind power for projects, and declared a trajectory for the. Renewable Purchase Obligation (RPO).

According to the response, India’s non-fossil fuel energy has expanded by more than. 25% in the last seven years and now accounts for 40% of the country’s energy mix.

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