‘Biggest economic opportunity’: UN Climate Change chief urges India to accelerate clean energy shift

“India is already a solar superpower, one of only four countries to have installed more than 100 gigawatts of solar. Part of 200 gigawatts of renewable energy capacity that’s already been installed. Energy access is on the rise — with villages across the country electrified by 2018, well ahead of schedule. Now there is a real opportunity to take the next step, and unleash even bigger benefits for India’s 1.4 billion people and economy,” Steil said.

“This is the biggest economic transformation of our age, that means it is the biggest economic and commercial opportunity too. Those that take the lead have a chance to benefit massively from a new order… India is already headed firmly in this direction, but an even stronger embrace of the global clean energy boom will supercharge India’s economic rise,” he added.

Steil further stated that global clean energy transition was powering on, despite sub-optimal results on reduction of greenhouse gas emissions.

“Two trillion dollars was invested in clean energy and infrastructure around the world last year, according to the IEA. Factories have been built, orders have been placed, and more and more people are getting access to cheap, clean, and reliable energy and new, more resilient infrastructure. Yes, global heating is real, here, and imposing growing costs right now. But governments and businesses are building clean energy because it’s strategic and it’s profitable,” he said.

Steil acknowledged that developed countries had not done enough on providing climate finance, which, he said, was crucial to faster clean energy transition in the developing world.

“More and better climate finance is essential here – international and national, public and private. I would also be remiss if I didn’t remind any international colleagues present, especially those from advanced economies, of the clear need for more and better climate finance, especially for climate resilience,” he added.

“To reap the biggest benefits in this race, nations need an integrated approach: government, business, and society working together to ensure research, investment, education, and training align. India is powerfully placed to seize the dividends that flow from ambitious, economy-wide climate plans. Together, India’s leaders have a rare opportunity: to deepen whole of economy industrial strategies that ensure India is a dominant force in clean energy and industry. We are talking about industrialization, that benefits everyone, through decarbonization,” he further informed.