Need trillions of dollars to meet the net-zero target by 2070: India at COP27

Need trillions of dollars to meet the net-zero target by 2070: India at COP27

Subject :Environment

Context-

• India would need “tens of trillions of dollars by 2050” to transition to a low-carbon development path that would take it to the promised net-zero status by 2070.

Long-term Strategy document (LT-LEDS)-

• Every country has to submit its long-term strategy, showing how it plans to reach its net-zero target. But currently only 57 countries (including India) have submitted it.
• Developed countries have to reach net-zero status by 2050, China by 2060, and India by 2070.
• India’s climate target is only till 2030.
• Nearly two trillion dollars would be required just for adaptation purposes in the short term between now and 2030.
• Concepts of “climate justice” and “sustainable lifestyle” were incorporated into the strategy.
  • Climate justice is a concept that addresses the just division, fair sharing, and equitable distribution of the benefits and burdens of climate change and responsibilities to deal with climate change.
    • It examines concepts such as equality, human rights, collective rights, and the historical responsibilities for climate change.
  • Sustainable living describes a lifestyle that attempts to reduce the use of Earth’s natural resources by an individual or society. It is referred to as “zero wastage living” or “net zero living”.
• As of 2020, the OECD report claims that developed countries have mobilised and provided 83.3 billion USD in climate finance towards meeting the commitment to mobilise 100 billion USD by 2020.
• The Oxfam report claims that it is only one-third of the claimed amount ( 21-24.5 billion USD).
• In its NDC (nationally-determined contributions) in 2015, India emphesised the need of around 206 billion USD (at 2014-15 prices) between 2015 and 2030 for implementing adaptation actions in agriculture, forestry, fisheries, infrastructure, water resources and ecosystems.

Difference between Long Term Strategy (LTS) and NDCs-

• NDCs contain specific actions or targets that have to be achieved by 2030.
• The long-term strategies have to reveal estimated low-carbon pathways that will lead to a country attaining net-zero status.