India Needs $ 10,100,000,000,000 Investment to Achieve Net Zero Emissions by 2070: Study

India Needs $ 10,100,000,000,000 Investment to Achieve Net Zero Emissions by 2070: Study

India will need a total investment of $ 10.1 trillion to achieve net zero emissions by 2070, according to a study. According to CEEW Center for Energy Finance (CEEW-CEF), an investment of more than $ 10 trillion would help decarbonize India’s energy, industrial and transportation sectors. However, the first study of its kind also estimated that India could face a significant investment shortfall of $ 3.5 trillion to achieve its zero net goal.

Recently, Prime Minister Narendra Modi announced India’s goal of achieving net zero emissions by 2070 at the COP26 Summit. The study suggested that India would need investment support of $ 1.4 trillion, in the form of concessional financing from developed economies to mobilize foreign capital to fill the gap. According to the study, most of the investment would be needed to transform India’s energy sector.

The CEEW-CEF study noted that at least $ 8.4 trillion will be needed to significantly increase renewable energy generation and associated integration, distribution and transmission infrastructure. And $ 1.5 trillion will have to be invested in the industrial sector to establish a green hydrogen production capacity to promote the decarbonization of the sector.

“At COP26, India announced bold short-term and long-term climate goals. Our analysis finds that a transition to net zero emissions would require enormous investment support from developed countries, “said Arunabha Ghosh, CEO of CEEW.

According to the study, India’s total installed solar power capacity should increase to 5,630 gigawatts by 2070. Coal use, especially for power generation, should peak by 2040 and fall by 99% between 2040 and 2060, he claimed.

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Furthermore, crude oil consumption in all sectors should peak by 2050 and fall substantially by 90% between 2050 and 2070. Green hydrogen could contribute 19% of the industrial sector’s total energy needs, he added.

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