Paris would create history on Saturday when it adopts a comprehensive climate change deal that will give a major boost to clean energy business like never before.
The deal will have a lot in store for economies in transition like India with trillions of dollars expected in green investment in the next decade. This would enable such countries to adopt a low carbon green pathway.
“India can be one the biggest beneficiaries as it has capability and mechanism to adopt investment for clean energy,” said Damandeep Singh, Director of Carbon Disclosure Report, India.
India has already declared a target of setting 175 Gegawatts capacity of renewable energy by 2020 and Prime Minister Narendra Modi had expressed optimism that it could be scaled up to 350 GW by 2030.
“Estimates by industry leaders show that trillions of dollars would be available for investment from companies in Europe and America. You just need the right policies,” Singh said.
Over 200 big Indian companies shared a green transition road-map in Paris in tune with global business leaders for the shift that Paris deal will usher. The deal would also push India to adopt more environment-friendly policies to attract green investment.
The officials in the office French Foreign Minister Laurent Fabius said the final text agreed by 196 countries - 18 hours after the Paris summit was scheduled to close — has something for every country to cheer about. “We have a text and conditions have never been better for strong and ambitious deal,” Fabius said, as he got ready to present the text for final adoption by the conference.
However, analysts expect some fireworks as the deal could leave some countries disappointed. And if that happens, the Paris summit may be stretched further till Sunday morning. Developing countries like India expect enhanced finance from the rich world for post 2020 when the deal comes into force. The $ 100 billion is the floor for 2020 and a “substantial” increase leading to doubling the money by 2025 is the expectation of the developing countries for “real” implementation of the Paris Outcome.
For India, continuation of the existing firewall between the rich and the developing world in Paris agreement is a must to get necessary clean technologies to meet its renewable energy goals and escape additional financial burden.
The deal would be historic as it will change the pattern of economic growth of countries this century. It will see emergence of renewable energy, especially solar, as mainstay of energy needs and India has taken a lead by announcing a global solar alliance. India aims to become the global hub for solar technologies.
The deal would be a win-win for all as it would provide new business avenues to rich countries and assistance to the developing world for transition. The deal, however, would not provide the pace for change as promised by head of states on the first day of the summit because the “compromise” would have watered down the “high ambition” of the deal to accommodate all nations.