"Climate Goals Difficult To Achieve Without Compromising Economic Targets": Report

Last month, the Prime Minister announced a bold pledge that India will achieve net zero carbon emissions by 2070

India's new climate goals will be difficult to achieve without significantly compromising the country's stated economic targets and its ambition to become a $5 trillion economy by 2024-25, according to global forecasting firm Oxford Economics. It further said India's pledge to achieve ''net zero'' emissions by 2070 is admirable, but the path announced by Prime Minister Narendra Modi at COP26 toward achieving that goal is ambitious.

"We think the new climate goals will be difficult to achieve without significantly compromising India's stated economic targets and its ambition to become a $5 trillion economy by 2024/25. Indeed, it may not even be possible," Oxford Economics said.

In 2019, Modi envisioned to make India a $5 trillion economy and global powerhouse by 2024-25. Last month, the Prime Minister announced a bold pledge that India will achieve net zero carbon emissions by 2070 and asserted that it is the only country that is delivering in "letter and spirit" the commitments on tackling climate change under the Paris Agreement.

According to Oxford Economics, financing the transition will also be a big challenge. "Studies peg the investment bill at around $200 billion per year in 2020s and 2030s for India to become net zero by 2070. The spending requirements increase progressively as the low cost technologies are exhausted," it said.