India needs to mobilise $500 billion a year to meet Net Zero ambition: Global Energy Alliance
The Hindu
India, to meet it’s ambition of Net Zero by 2070, needs to mobilise about $22 trillion or about $500 billion a year, said Agnes Dasewicz, Chief Investment and Programme Officer, Global Energy Alliance for People and Planet, in an interview.
India, to meet it’s ambition of Net Zero by 2070, needs to mobilise about $22 trillion or about $500 billion a year, said Agnes Dasewicz, Chief Investment and Programme Officer, Global Energy Alliance for People and Planet, in an interview.
“You will never be able to do that without really aligning government, private finance and philanthropy, because you need all of them to grow in the same direction in order to achieve that kind of ambition,” she said.
Elaborating on how to mobilise such funds, Woochong Um, CEO, Global Energy Alliance for People and Planet said, “Money is out there. You hear about trillions of dollars that’s floating globally. The issue is that money’s not flowing to all the right places, including India.”
“To get that money the government has to work very closely with the multilaterals to set the enabling environment in terms of regulatory system,” he emphasised.
“At the same time, someone’s got to develop projects. So, there are a lot of projects that are out there as a blueprint, but they’re not invested yet because they don’t have enough information about the technical details, viability, and all that stuff. So, doing the due diligence to bring it up from project concept to the bankable stage, that’s going to enable people to invest,” he pointed out.
He said different types of money, like the philanthropy and the Multilateral Development Banks (MDBs) and government and private sector, are not necessarily aligned and are not leveraging each other.
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