2.4
THE PARIS AGREEMENT PLATFORM
Balancing development and climate ambitions At the same time as
I ndia recognises that the pursuit of economic growth is essential to lift millions out of poverty. But we remain cognisant that our develop- mental gains are not undermined by our inability to address the causes of our changing climate. Despite being home to 17% of the global population, India’s per capita emissions are a third of the global average. A fast-growing country, India’s demand for energy is only likely to grow in the future. However, we have demon- strated our unwavering commitment to mitigate climate change. India, ranked seventh, is the only G20 member to make it to the top 10 in the Climate Change Performance Index. We have been able to achieve an afforda- ble, just and clean energy transition and population scale impact. Our renew- able energy capacity has more than doubled in the last decade, and we met our first nationally determined con-
a multi-pronged response aimed at mul- tiple levels works, through supporting policy, mobilising finance and deliver- ing technology, at breakneck speed and deployed at scale. Addressing the challenge – and the opportunity – necessitates greater coop- eration among countries, especially from high-income, high-emitting G20 members. These members must take ambitious actions and also provide financial and technical support to devel- oping countries. Conversely, developing countries need to explore growth mod- els that meet their developmental needs while achieving low-emissions growth. India’s approach during its 2023 G20 presidency exemplified this dual focus, emphasising the importance of integrating climate action across various sectors. The Green Development Pact for a Sustainable Future outlines critical agreements, including the goal of tripling global renewable energy capacity by 2030 and increasing climate finance from billions to trillions. This recognition of billions to trillions was extremely important, as access to affordable finance is necessary to drive the investments needed for a sustain- able transition. The magnitude of this task cannot be understat- ted. Developing countries
addressing climate change, there are myriad opportu- nities to advance countries’ economic standing, create jobs and reduce poverty levels – but to achieve this, we need a multifaceted approach.
Amitabh Kant, India’s G20 sherpa
tribution nine years ahead of schedule. Our story shows that
will need around $5.9 trillion by 2030 for their NDCs, alongside an annual requirement of $4 trillion for clean energy technologies to meet net zero emissions by 2050. Decarbonising electricity generation,
transport and industrial operations necessitates substantial investments, which will require private capital to bridge the financing gap. To accelerate the deployment of renew- able energy, it is critical to de-risk
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Financing a Just Transition
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