New Delhi: India’s target of achieving net zero emissions by 2070 was a big splash announcement, according to Jonny Sultoon, global head of markets and transitions, Wood Mackenzie.
“The big splash was the announcement of India’s net zero goal, by 2070. Although met indifferently from many quarters, we think it is a big deal. Even in a global net zero 2050 pathway, India’s net zero would arrive around 2070 - not all nations can move at the same pace,” said Sultoon in a recent press release.
He added that the bone of contention was the variation between near-term 2030 reductions, and net zero pledges in the 2050-70 window.
“While the US, UK, EU-27, Japan, and South Korea aim to nearly halve emissions by 2030, growing economies such as China and India do not have such a reduction target for 2030,” he said.
According to Prakash Sharma, Asia Pacific
head of markets and transitions at WoodMac
, China and India insisted that the wording of the final text was amended to ‘phase down’ rather than ‘phase out’ coal-fired power.
“Last minute changes reflect current realities of individual energy markets where countries aim to prioritise supply security over environmental goals, at least through the medium term until other clean base load supply options are commercially available,” added Sharma.
In WoodMac’s Global Net Zero 2050 scenario, coal’s share in power generation is expected to fall to less than 5 per cent by 2050 from 35 per cent in 2020.
Source : https://energy.economictimes.indiatimes.com/news/renewable/cop26-indias-2070-net-zero-goal-a-big-splash-announcement-says-woodmac/87727596