India Inc welcomes Modi's pledge to achieve net zero emissions by 2070; 'practical long-term target'

India Inc on Tuesday welcomed Prime Minister Narendra Modi's pledge that the country will achieve net zero carbon emissions by 2070, terming it a practical long-term target and said the country is well on track to achieve the aspirational targets.

However, it said the onus now lies with the developed nations to "walk the talk" and ensure that the issue of climate finance is addressed fairly.

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In his address at the ongoing COP26 in Glasgow, Modi announced a bold pledge on Monday that India will achieve net zero carbon emissions by 2070 and asserted that it is the only country that is delivering in letter and spirit the commitments on tackling climate change under the Paris Agreement.

PM Modi also raised the Nationally Determined Contribution (NDC) of achieving 450 gigawatt non-fossil energy capacity to 500 gigawatt, among other commitments including reducing carbon emissions.

CII welcomes the bold and ambitious scale of the prime minister's announcements at COP26 with aggressive short-term goals and a practical long-term target on net zero for a credible commitment on climate action, CII President T V Narendran stated.

He added that the prime minister has driven the agenda to a new level with the five pledges to expand non-fossil energy capacity and reduce India's carbon emission with an overall target of net zero emissions by 2070. With the successful implementation of many initiatives already underway in India, the country as the fourth-largest renewable energy hub is well on track to achieve the aspirational targets, Narendran added.

Assocham Secretary General Deepak Sood said it is now up to the developed nations to walk the talk and ensure that the issue of climate finance is addressed fairly.

"The developing nations would require huge financial resources and technology transfer for making planet greener. The USD 100 billion per year commitment by the developed world should be honoured and even raised," Sood stated.

FICCI President Uday Shankar said the PM's net-zero emissions commitment by 2070 at COP26 Glasgow is pragmatic.

"Huge investments, tech transfer and innovation in deep de-carbonisation technologies will be required for the industry to rise to the occasion, net-zero transition should ensure just transition," he added.

Manish Dabkara, MD & CEO of EKI Energy Services, a BSE-listed firm working in the realm of climate change, said, "Today, climate change is the single most important issue and in this context, the PM's announcement of achieving net zero by 2070 will set some kind of urgency in implementation as well as policy framework related to environmental issues."

Manish Bapna, president and CEO of Natural Resources Defense Council, said India is making a vital contribution in the global march against climate change, which disproportionately harms the world's vulnerable people the most.