IMF welcomes India’s announcement at COP26 Summit on new targets to increase reliance on renewables, reduce carbon intensity

The IMF has welcomed India’s announcement at the COP26 summit on new targets to increase reliance on renewables and reduce the carbon intensity of its economy, including to adopt a net-zero target by 2070.

Gerry Rice, Director, Communication Department at the International Monetary Fund (IMF), told reporters at a news conference in Washington yesterday that India’s actions may help catalyse action in other emerging economies as well in addressing the climate change challenges.

Responding to a question, Mr Rice said that India is currently one of the world’s largest emitters, still heavily reliant on coal for electricity generation.

India’s significant investment in renewables and climate change adaptation policies suggest it is well-positioned to take further steps to reach this new target. He also said that they are heartened by India’s focus on achieving progress in the current decade given the urgent need for global mitigation action.

And as with other countries, it will be important to follow through with specific actions to contain emissions over the current decade, he added.

At the COP26 summit in Glasgow, Prime Minister Narendra Modi made significant announcements, including the bold pledge of India becoming net-zero by 2070.

Besides the net-zero target, Modi also raised India’s Nationally Determined Contributions (NDCs) of achieving 450 gigawatt non-fossil energy capacity to 500 gigawatt by 2030.

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