Ministers from the world over created history in Paris on Saturday by agreeing to a comprehensive climate change deal that may not only be ambitious to protect the planet but will also give a boost to clean energy business without compromising on developmental imperatives.
The deal will have a lot in store for economies in transition like India with over a trillion dollars in green investment set to be handed out in the next decade or so, enabling the adoption of greener technologies — an endgame that the agreement sets out to achieve.
Yet to be adopted, the global pact targets zero emissions by the end of this century and introduced carbon trading that can help Indian industry sell green credits abroad.
“India can be one the biggest beneficiaries as it has capability and mechanism to adapt investment for clean energy,” said Damandeep Singh, director of Carbon Disclosure Report, India.
India has already declared a target of setting 175 Gigawatts capacity of renewable by 2020 and Prime Minister Narendra Modi said he hoped the capacity can be doubled by 2030.
“Estimates by industry leaders show that trillions of dollars will be available for investment from companies in Europe and America. You just need the right policies,” Singh said.
But, to get that the government may have to push for more predictable environment-friendly policies.
The five year review of climate action plans called INDCs will also help India to ramp up its green energy goals.
Developing countries like India also expect enhanced funds from the rich world — which has pledged $100 billion in green funds — for post-2020 period when the deal comes into force.
For India, continuation of the existing firewall between the rich and the developing world in all elements of Paris agreement is an achievement and so is mention of sustainable lifestyle and climate justice. Paris is half battle won as a lot will be decided in subsequent climate conferences before 2020 when the agreement will come into force. Most experts termed the deal as a mixed bag for India.