India has promised to make its economy more energy efficient and cut the carbon produced per unit of GDP growth by 33 percent to 35 percent by 2030 from 2005 levels in a climate-change policy statement released ahead of a UN summit in Paris in December.
India, the world’s third-largest emitter of greenhouse gases, also said it would target 40 percent cumulative installed power capacity from non-fossil fuel sources by 2030, although it said this would require UN financial support.
The pledges, submitted to the UN late on Thursday, were broadly in line with expectations, given that emerging economies such as India have resisted setting specific targets to cut emissions.
India is not yet prepared to go as far as China, the world’s biggest emitter, which pledged at the end of June to reduce its carbon intensity by 60 percent to 65 percent by 2030, partly through the use of carbon trading.
Beijing also said it would bring its absolute emissions to a peak by “around 2030.”
As well as not setting such a timeline, India did not give a commitment in its submission to establishing carbon trading.
New Delhi also stressed that coal would continue to dominate power generation for its more than 1 billion people in the future, although it stressed its commitment to clean energy technologies.
India said it plans to develop 25 solar parks, supply 100,000 solar pumps to farmers and convert all 55,000 gasoline pumps across the country to solar.
It also pledged to “aggressively” develop hydroelectric and nuclear energy.
India said its plans were “fair and ambitious considering the fact that India is attempting to work towards low carbon emission pathway while endeavoring to meet all the developmental challenges the country faces today.”
Preliminary estimates indicate India would need to spend about US$206 billion between this year and 2030 to implement adaptation actions in agriculture, forestry, fisheries infrastructure, water resources and ecosystems, the submission said.
“India’s climate actions have so far been largely financed from domestic resources. A substantial scaling up of the climate action plans would require greater resources,” said the statement, which was lodged with the UN Framework Convention on Climate Change.
A preliminary estimate suggests that at least US$2.5 trillion will be required to support India’s climate change measures between now and 2030, it said.
Indian Prime Minister Narendra Modi met US President Barack Obama and France and Britain’s leaders last month, and called for a climate change agenda that helps developing countries get access to finance and technology.
EXTRATERRITORIAL REACH: China extended its legal jurisdiction to ban some dual-use goods of Chinese origin from being sold to the US, even by third countries Beijing has set out to extend its domestic laws across international borders with a ban on selling some goods to the US that applies to companies both inside and outside China. The new export control rules are China’s first attempt to replicate the extraterritorial reach of US and European sanctions by covering Chinese products or goods with Chinese parts in them. In an announcement this week, China declared it is banning the sale of dual-use items to the US military and also the export to the US of materials such as gallium and germanium. Companies and people overseas would be subject to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) founder Morris Chang (張忠謀) yesterday said that Intel Corp would find itself in the same predicament as it did four years ago if its board does not come up with a core business strategy. Chang made the remarks in response to reporters’ questions about the ailing US chipmaker, once an archrival of TSMC, during a news conference in Taipei for the launch of the second volume of his autobiography. Intel unexpectedly announced the immediate retirement of former chief executive officer Pat Gelsinger last week, ending his nearly four-year tenure and ending his attempts to revive the
WORLD DOMINATION: TSMC’s lead over second-placed Samsung has grown as the latter faces increased Chinese competition and the end of clients’ product life cycles Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) retained the No. 1 title in the global pure-play wafer foundry business in the third quarter of this year, seeing its market share growing to 64.9 percent to leave South Korea’s Samsung Electronics Co, the No. 2 supplier, further behind, Taipei-based TrendForce Corp (集邦科技) said in a report. TSMC posted US$23.53 billion in sales in the July-September period, up 13.0 percent from a quarter earlier, which boosted its market share to 64.9 percent, up from 62.3 percent in the second quarter, the report issued on Monday last week showed. TSMC benefited from the debut of flagship
TENSE TIMES: Formosa Plastics sees uncertainty surrounding the incoming Trump administration in the US, geopolitical tensions and China’s faltering economy Formosa Plastics Group (台塑集團), Taiwan’s largest industrial conglomerate, yesterday posted overall revenue of NT$118.61 billion (US$3.66 billion) for last month, marking a 7.2 percent rise from October, but a 2.5 percent fall from one year earlier. The group has mixed views about its business outlook for the current quarter and beyond, as uncertainty builds over the US power transition and geopolitical tensions. Formosa Plastics Corp (台灣塑膠), a vertically integrated supplier of plastic resins and petrochemicals, reported a monthly uptick of 15.3 percent in its revenue to NT$18.15 billion, as Typhoon Kong-rey postponed partial shipments slated for October and last month, it said. The
RSS