To make investments in the energy transition, India needed rapid economic growth. The country requires time to transition from coal to energy from renewable sources.
India requires rapid economic growth in order to invest in energy transition. We basically need time to transition from coal to other fossil fuels, and then to alternative renewable energy sources.
India and China did not sign the commitment to quadruple the world’s renewable energy capacity by 2030 at the COP28 climate summit, even though New Delhi has previously committed to it as part of its G20 chairmanship.
A total of 118 nations committed to tripling global renewable energy capacity by 2030 during the UN climate negotiations in Dubai, in a widely supported initiative.
This ambitious goal attempts to minimize the world’s overall energy production’s dependency on fossil fuels.
Japan, Australia, Canada, Chile, Brazil, Nigeria, and Barbados were among the countries that supported the promise. Although China and India have voiced support for tripling renewable energy by 2030, neither has formally accepted the comprehensive pledge. This commitment entails increasing clean energy while decreasing the use of fossil fuels. The pledge asked for the continued use of coal power and the cessation of finance for new coal-fired power projects.