India has announced that it aims to reach net zero emissions by 2070 and aspires to meet fifty percent of its electricity requirements from renewable energy sources by 2030. this is a hugely significant moment for the global fight against climate change.

The scale of transformation in India is stunning. Its economic growth has been among the highest in the world over the past two decades, lifting millions of people out of poverty. Every year, India seems to have another emerging metropolitan city,  involving vast construction of new buildings, factories, and transportation networks. Coal and oil have so far served as important prime factors of India’s industrial growth and modernization, giving a rising number of Indian people access to modern energy services. 

India is pioneering a new model of economic development that could avoid the carbon-intensive approaches that many countries have pursued in the past – and provide a blueprint for other developing economies to pursue the same cause and fight the beetle of climate change. The rapid growth in fossil energy consumption has also meant India’s annual CO2 emissions have risen to become the third highest in the world but they are lower still if you consider emissions per person. The same is true for our energy consumption: the average household in India consumes a tenth as much electricity as the average household in the United States.

A transition to clean energy is a huge economic opportunity. India is particularly set to become a global leader in renewable batteries and green hydrogen. These and other low-carbon technologies could create a market worth up to $80 billion in India by 2030. Support from the international community is essential to help shift India’s development onto a low-carbon path. To reach net zero emissions by 2070, the IEA estimates that $160 billion per year is needed, on average. Therefore, access to low-cost long-term capital is key to achieving net zero.  decades. Prime Minister Narendra Modi has announced more ambitious targets for 2030, including installing 500 gigawatts of renewable energy capacity, reducing the emissions intensity of its economy by 45%, and reducing a billion tonnes of CO2.

As a large fruitful developing economy with over 1.3 billion people, India’s climate adaptation and mitigation ambitions are not just transformational for India but for the entire planet.