India to invest USD 316 bn for de-carbonisation by 2030: Bofa Securities


India’s big plan to reduce carbon emissions

New Delhi. India will invest $ 316 billion (about Rs 23 lakh crore) by 2030 to reduce carbon emissions. Most of the total investment amount will be spent on renewable energy sources. Brokerage company BofA Securities said this on Wednesday. BofA Securities said this investment will be in addition to the already estimated Rs 6 lakh crore that India has spent since joining the Paris Climate Agreement in 2015. Speaking to reporters ahead of the Glasgow Summit on Climate Change, the company’s Head of Research Amish Shah said India has been one of the most proactive countries working on the ground to reduce carbon emissions. He said India has done the right thing by not announcing the timeline for achieving carbon neutrality. All other major countries of the world have done the same.

It is estimated that efforts to reduce carbon emissions will help India save more than 106 GW of energy between 2015 and 2030 and cut carbon emissions by 1.1 billion tonnes by 2030. According to Shah, India will not give much emphasis on nuclear power to meet its energy needs, its share will remain in less than 10 percent of the total energy generated in different ways. According to him, a major part of the investment in new energy sectors will be done by the private sector. Shah said that a quarter of the 100 major companies in the country have already declared to be carbon-free, while no rules have come in this regard. Along with this, the report said that other areas where investment is to come include improvement in coal plant technologies, conversion of irrigation plants from diesel to solar power, electrification of railways, natural gas and sectors needed to increase the share of electric vehicles. Huh.

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