Context India has demanded a trillion dollars over the next decade from developed countries to adapt to, and mitigate, the challenges arising from global warming.
India has kept this as a condition for delivering on climate commitments made by the Prime Minister recently.
What is Climate financing?
Climate finance refers to local, national or transnational financing—drawn from public, private and alternative sources of financing.
It seeks to support mitigation and adaptation actions that will address climate change.
Delivering on climate finance is among the stickiest points of contention between developed and developing countries because developed countries, as a group, have failed to provide $100 billion annually by 2020, as promised from a decade ago.
What is India’s aim?
India’s five-fold plan aims at reducing the carbon intensity of its economy and eventually achieving net zero by 2070.
What does net zero mean?
Net zero is when a country’s carbon emissions are offset by taking out equivalent carbon from the atmosphere, so that emissions in balance are zero.
However, achieving net zero by a specific date means specifying a year, also called a peaking year, following which emissions will begin to fall.
NDCs are voluntary targets that countries set for themselves, which describe the quantum and kind of emission cuts they will undertake over a fixed period to contribute to preventing runaway global warming.
India’s last NDC was submitted following the Paris Agreement of 2015.
