IMF Welcomes India's COP26 Announcement To Reduce Carbon Intensity

International Monetary Fund (IMF) has welcomed India's announcement on the COP26 summit on new targets to extend reliance on renewables and scale back the carbon depth of its financial system, together with to undertake a web zero goal by 2070.Gerry Rice, Director, Communication Department on the IMF, mentioned India's actions might assist catalyse motion in different rising economies as effectively in addressing the local weather change challenges."We welcome India's announcement at the COP26 of new targets to increase reliance on renewables and reduce the carbon intensity of its economy, including to adopt a net zero target by 2070," Mr Rice advised reporters at a information convention on Thursday."As you know, India is currently one of the world's largest emitters, still heavily reliant on coal for electricity generation. India's significant investment in renewables and climate change adaptation policies suggest it is well positioned to take further steps to reach this new target," Mr Rice mentioned responding to a query."We are heartened by India's focus on achieving progress in the current decade given the urgent need for global mitigation action. And as with other countries, it will be important to follow through with specific actions to contain emissions over the current decade," he added.At the COP26 summit in Glasgow, Prime Minister Narendra Modi made important bulletins, together with the daring pledge of India changing into web zero by 2070.Besides the web zero goal, Mr Modi additionally raised India's Nationally Determined Contributions (NDCs) of attaining 450 giga watt non-fossil power capability to 500 giga watt by 2030."India will increase its non-fossil energy capacity to 500 giga watt by 2030; India will fulfil 50 per cent of its energy requirements from renewable energy sources by 2030. Between now and 2030, India will reduce its total projected carbon emissions by 1 billion tonnes and by 2030," Mr Modi had mentioned on the convention.