India officially takes up its role as chair of the Group of 20 leading economies for the coming year Thursday and it’s putting climate at the top of the group’s priorities.
Many of India’s big industrialists are investing heavily in renewable energy domestically as well as globally, but the Indian government is also preparing to invest in coal-based power plants at the cost of $33 billion over the next four years., India — currently the world’s third largest emitter of greenhouse gases — proposed a phaseout of all fossil fuels and repeatedly emphasized the need to revamp global climate finance.
Navroz Dubash, author of several U.N. climate reports and professor at the Centre for Policy Research, said that a key question for many countries is how “emerging economies address development needs and do it in a low carbon pathway” with several in the global south, like India, pointing to a need for outside investment.
“Developing countries are making a convincing case that green industrial policies are actually quite dependent on having public money to throw at the problems,” said Dubash. Some experts say more thanto help developing countries cut emissions and deal with the effects of a warming climate, with $1 trillion from domestic sources and the rest coming from external sources such as developed countries or multilateral development banks.
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