By Aftab Ahmed and Sanjeev Miglani

NEW DELHI (Reuters) – Rich nations need to commit much more than $100 billion to help poor countries fight climate change due to their high historical share of emissions, India’s chief economic adviser said on Thursday, ahead of a UN Climate Change Conference (COP26).

The world is preparing for COP26 and the pressure on wealthy countries increases to meet a pledge made in 2009 to send $100 billion a yearly to fund a sufficient response from developing nations to rising global temperatures.

K.V. said, “This $100 billion the advanced economies talk about really for innovation in climate financing, you know? It’s just a drop in an ocean.” Subramanian said to Reuters.

I believe their commitment should be more.

Although India has not committed yet to a net zero emission goal year, Asia’s third largest economy will add renewables and drive industries to embrace cleaner fuels.

Subramanian claimed that government incentives were being created to make it easier for companies to seek cleaner energy.

COAL FIRED PLANTS

India has installed over 100 gigawatts (GW) of renewable energy, which accounts for over 25% of its overall capacity. This energy starved nation intends to grow its green energy resources to 450 GW by 2030.

India will achieve an annual average economic growth of over 7.7%. It will include coal-fired power plants.

India is the world’s third-biggest greenhouse gas emitter after China and the United States and thus is vital in the fight against climate change, currently focused on reaching global net zero emissions by mid century or thereabouts.

The COP26 summit provides a unique opportunity to get ambitious enough pledges from countries to prevent global warming exceeding 1.5 degrees Celsius – the level scientists claim would minimize the effects of climate change.

China has committed to becoming carbon neutral in 2060. Meanwhile, the U.S. president Joe Biden pledged that he would cut U.S. emissions by 50% and 52% respectively from 2005 levels by 2030.

Earlier this year Reuters, citing sources, reported that India was unlikely to bind itself https://www.reuters.com/article/us-climate-change-india-exclusive-idUSKBN2BM1AA to a net-zero greenhouse gas emissions goal by 2050.