New Delhi, Nov 2 — Developing countries like India can meet the climate targets under the Paris Agreement by catalysing trillions of dollars in private investment through policy reforms and innovative business practices, World Bank arm IFC said in a report today. The report said renewable energy, off-grid solar and energy storage, agribusiness, green buildings, urban transportation, water, and urban waste management as the sectors that can bring about a crucial difference to catalyse private investment. Already, over USD 1 trillion investments are flowing into climate-related projects in these areas, but trillions more could be triggered by creating the right business conditions in emerging markets, the report added. “In India, ambitious targets and multiple reforms across sectors by the Government have steered the country towards exceeding its Nationally Determined Contributions target.” As part of the Paris Climate Agreement, India has targeted to reduce its greenhouse gas emissions up to 35 per cent by 2030. This, the report said, presents India an attractive and emerging market for climate business that will accelerate the market for climate-friendly solutions. “India is in the midst of a climate change revolution. It is making significant accomplishments in achieving its pledge to the Paris Agreement,” said… Read full this story
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