âThe big bang was the announcement of India’s net zero target by 2070. Although it was met indifferently in many ways, we believe it is. a big problem. Even on a global trajectory of net zero in 2050, India’s net zero would arrive around 2070 – not all nations can move forward at the same rate, âSultoon said in a recent press release.
He added that the bone of contention was the variation between short-term cuts in 2030 and net zero commitments in the 2050-70 window.
“While the US, UK, EU-27, Japan and South Korea aim to cut their emissions by almost half by 2030, growing economies such as China and the âIndia does not have such a reduction target for 2030,â he said.
According to Prakash Sharma, head of markets and transitions for Asia-Pacific at WoodMac, China and India insisted that the wording of the final text be changed to “gradually reduce” rather than “phase out” electricity. charcoal.
“The last minute changes reflect the current realities of individual energy markets where countries aim to prioritize security of supply over environmental goals, at least in the medium term until other options are available. clean baseload supplies are available in the market, âSharma added.
In WoodMac’s Global Net Zero 2050 scenario, the share of coal in power generation is expected to drop to less than 5% by 2050, from 35% in 2020.