(Pranjul Bhandari is Managing Director and Chief India Economist at HSBC. The column first appeared in The Indian Express on November 11, 2021)
- At the COP26 climate change conference in Glasgow, Prime Minister Narendra Modi made some bold commitments. India joined the other G20 countries in making a “net-zero” commitment, setting 2070 as its target year. For the more foreseeable future, it made some tangible commitments: A one billion tonne reduction in the carbon emissions projected for 2030, raising its non-fossil fuel energy capacity to 500 GW by the same year, by which time it would also meet 50 per cent of its energy needs by renewables. This is not just significant for the world, but we believe also a sizeable economic opportunity for India. The challenge now is to overcome the obstacles along the way…
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