India Faces Uphill Battle to Meet 2030 Climate Targets: Fitch

india faces uphill battle to meet 2030 climate targets fitch

Sumary of India Faces Uphill Battle to Meet 2030 Climate Targets: Fitch:

  • Modi at the COP26 announced India by 2030 will increase its non-fossil fuel power generation capacity to 500 GW, generate 50 per cent of its power from renewable sources, reduce its total carbon emission by 1 billion tonnes and bring down carbon intensity of its economy by 45 per cent.
  • “Admittedly, we have proxied renewables growth with the growth in renewables power generation.
  • Given that renewables look set to grow more rapidly outside of the power sector (e.
  • Stating that the strongest prospects for displacing fossil fuels are in the power sector, Fitch said the targets are likely to be missed in absence of a step change in the sector.
  • “Our analysts currently forecast nuclear, hydropower and non-hydropower renewables generation capacity to reach 314GW by 2030, with their share in total generation rising to around 30%.
  • A number of headwinds in the form of supply chain bottlenecks, limited domestic manufacturing capacity and broader delays to project developments will likely continue to weigh on growth, it said.
  • In the transport sector, the easiest abatement options lie in the road transport segment.
  • Currently, EVs account for less than 0.05% of the total vehicle fleet, with limited domestic EV options and a lack of charging infrastructure among the key barriers to growth.

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