Clean Energy transition finance must put India’s interests front and centre
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Clean Energy transition finance must put India’s interests front and centre
Subject : Environment
Context:
- The G7-led Just Energy Transition Partnership (JETP), is counting on India to join the deal after South Africa signs the deal during CoP26 at Glasgow in 2021.
About Just Energy Transition Partnership (JETP):
- JETP is an initiative of the rich nations to accelerate the phasing out of coal and reducing emissions.
- The JETP initiative is modelled for South Africa, to support South Africa’s decarbonisation efforts.
- It aims to reduce emissions in the energy sector and accelerate the coal phase-out process.
- JETP makes various funding options available for this purpose in identified developing countries.
- The JETP was launched at the COP26 in Glasgow with the support of the United Kingdom (UK), the United States (US), France, Germany, and the European Union (EU)
- Following that G7 has announced for a similar partnership in India, Indonesia, Senegal, and Vietnam.
Constituents of the deal:
- reducing the number of coal-burning power plants under development,
- the gradual closure of our coal mines.
India’s stand:
- According to India’s updated NDC, it stands committed to reduce the emission intensity of its GDP by 45 per cent by 2030, from 2005 level and achieve about 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
- However, India argues that coal cannot be singled out as a polluting fuel, and energy transition talks need to take place on equal terms.