Wednesday October 24, 2018
Home India India no long...

India no longer needs global support to decarbonise itself: UNEP expert

0
//
73
Representational Image of Ecosystem, Pixabay
Republish
Reprint

New Delhi, May 14, 2017: India no longer needs international cooperation to decarbonise itself and needs to pressure countries to remain ambitious, including wealthier countries that need to act domestically and support developing countries in the transition to a green economy.

Similarly, China today is the world’s largest issuer of green bonds, a new way to fund “green” projects.

So says Simon Zadek, co-Director with the UN Environment Programme’s (UNEP) Inquiry into the Design of a Sustainable Financial System.

The Inquiry is an international platform for advancing national and international efforts to shift the trillions of dollars required for delivering an inclusive, green economy through the transformation of the global financial system.

NewsGram brings to you latest new stories in India.

With solar procurement bids in India now below the cost of coal, action in this and other areas no longer needs international cooperation to decarbonise, Zadek told IANS in an email interview.

Similarly, within a few years, there will be the massive deployment of battery technology and electric vehicles.

India must be concerned, however, that climate change is addressed for its own secure development and needs to pressure all countries to remain ambitious, including wealthier countries that need to act domestically and support developing countries in the transition, he said.

NewsGram brings to you top news around the world today.

Zadek was replying to a question: With President Trump mulling a possible pull out of the 2015 Paris Agreement, do you think this will impede or demotivate developing countries like India and China to continue on its path to decarbonise?

Speaking at a UN energy forum in Vienna on May 11, Power Minister Piyush Goyal said: “The road from Paris to India today has been somewhat bumpy. We will have to sort that out. But I’d like to reassure each one of you here today that stands committed to its commitments made at Paris irrespective of what happens in the rest of the world.”

Check out NewsGram for latest international news updates.

According to Zadek, China has adopted literally hundreds of policy steps in encouraging the transition to a low-carbon and sustainable economy, many of which are reflected at a high-level in its 13th Five Year Plan.

“Of notable importance is massive policy and fiscal support for sustainable infrastructure (especially in the mobility and energy spaces but also water, sanitation, land use, etc.), the State Council adopted recommendations to green China’s financial system and the countrywide carbon market.”

The UNEP expert, who has advised companies worldwide on sustainability issues, and until recently lived in China, believes there will be no successful “brown” economies in the 21st century.

Go to NewsGram and check out news related to political current issues.

“So the transition is an imperative, and an early transition offers so many first mover advantages to China that catalysing it with fiscal and other policy support makes sense.”

Zadek said funds from international frameworks like the Green Climate Fund (GCF) would not help transition in countries like India and China.

The GCF and other international public funds are far too small to play any significant role for India or China, except in catalytic and experimental roles such as encouraging the use of blockchain and other digital technologies to ease and lower the cost of international capital.

The GCF is a unique global initiative by the United Nations Framework Convention on Climate Change (UNFCCC) to respond to climate change by investing into low-emission and climate resilient development.

Follow NewsGram on Facebook

On China’s investments in its green programmes, he said the People’s Bank of China estimates that $600 billion a year is needed to green the country’s economy.

“Today the numbers are far from that but progress is being made with China’s levels of green credit having hit almost 10 percent of total banking sector portfolios and China today being the world’s largest issuer of green bonds.”

On steps India could take to accelerate decarbonization of its economy, he said: “Much more of what you are already doing, ramping up clean energy, including distributed solar for isolated, unconnected communities, shutting down your coal build pipeline for simple economic reasons and preparing India’s innovative entrepreneurs to move heavily into clean mobility.”

Follow NewsGram on Twitter

He favoured transforming India’s domestic financial system to make it fit for the purpose and so enabling the country to reduce dependency on expensive international capital.

India’s draft “Ten Year Electricity Plan” calls for a staggering 275 GW of renewable energy by 2027, in addition to 72 GW of hydro and 15 GW of nuclear energy. IANS

Click here for reuse options!
Copyright 2017 NewsGram

Next Story

‘Doodle 4 Google’ Opens Public Voting

The first edition of "Doodle 4 Google India" was held in 2009 and the theme was "My India"

0
Google, Doodle 4 google
A Google logo is displayed at the entrance to the internet based company's offices in Toronto. VOA

Google on Tuesday opened public online voting for 20 children shortlisted for its annual ‘Doodle 4 Google’ competition.

The annual competition, announced early in August, encouraged creative, art-loving students across India to bring their imagination to life for the search engine giant’s logo.

This year’s theme was “what inspires you”. The doodle, incorporating letters G-o-o-g-l-e, were to be created using crayons, clay, water colours and graphic design.

Doodle 4 google
Representational Image of ‘Doodle for Google’. Flickr

From a beautiful sight at the beach to nature’s tiny creatures; India’s farmer community to the Indian folk music; space exploration to learning from animals; children drew their inspiration using crayons, clay and graphic designs, the tech giant said in a statement.

Of the 75,000 students, from Class 1 to 10, across the country who sent in their entries, more than 55 per cent were from non-metro cities, including Visakhapatnam, Bhopal, Jabalpur, Bareilly, Kottayam and Bhubaneswar.

Out of these, Google shortlisted 20 from five categories: Group 1 comprising students from Class 1 to 2; Group 2 with students from Class 3 to 4; Group 3 with students from Class 5 to 6; Group 4 with students from Class 7 to 8 and Group 5 with students from Class 9 to 10.

Google, cryptocurrency, Doodle 4 google
A Google logo is seen at the company’s headquarters in Mountain View, California, VOA

The online voting, which began on Tuesday, will continue till November 6 (until 10 a.m.). People can cast their votes on the Doodle 4 Google 2018 voting page.

The doodle with the maximum votes will get featured on Google’s home page on Children’s Day that falls on November 14.

Also Read: Customers Having Airtel-Related Queries Will Now Be Answered By Google Assistant

The national winner would win a Rs 5 lakh college scholarship, a Rs 2 lakh technology package for their school, as well as a trip to the Google office in India, among other prizes, the company said.

The first edition of “Doodle 4 Google India” was held in 2009 and the theme was “My India”. (IANS)