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India needs $401 bn capex to fight climate change: Report

India needs $401 bn capex to fight climate change: Report

The US has rejoined the Paris Agreement under Biden and could make major announcements at the summit

The country needs over USD 400 billion in capital investment which could save over 100 GW of energy and 1.1 billion tonne of greenhouse gasses between 2015 and 2030, if it goes ahead with the measures to control pollution under the Paris climate agreement, says a report. Since the country is set to far exceed most of its 2015 Paris Agreement targets on climate change, analysts are keenly watching whether India raises its pollution curtailment targets or signals a 'net carbon neutrality' deadline at the two-day Climate Summit that began on Thursday.

The government's push towards blending ethanol up to 25 per cent and move towards green hydrogen are encouraging, Bank of America Securities said in a note on Thursday-- which is the Earth Day and also the opening day of the two-day climate summit being pushed by US President Joe Biden.

"Over 2015-30, India could drive USD401 billion in capex, which could lead to over 106 gw in energy savings, and 1.1 billion tonne per annum reduction in Co2 and impacting 99 stocks with a market capitalisation of USD 1.4 trillion," BofA said in a note.

The report expects India to step up its emission curtailment targets by 2047 and announce the same at the summit. Several large global economies have committed to be carbon neutral by 2050; and China has set a 2060 target. The US has rejoined the Paris Agreement under Biden and could make major announcements at the summit.

The BofA has identified two more new themes in India's fight against pollution-- blending ethanol, and green hydrogen-- adding to the seven themes already identified.

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