India has made significant progress towards its 2030 climate targets, and now has the opportunity to set an ambitious vision for 2035. This report, co-published by TERI and the We Mean Business Coalition, outlines recommendations for the Indian government to ensure its next NDC drives enhanced corporate climate action and investment.
Core Pillars:
- Reflect Technological Progress and Corporate Climate Ambition: The NDC should incorporate recent advancements in clean technology, market dynamics, and corporate net-zero commitments. This includes raising ambition levels, setting clear sectoral targets, outlining financing strategies, and integrating climate adaptation.
- Clear and Consistent Sector-Specific Policies: Policies are needed to support the NDC in key sectors:
- Power: Address open access inconsistencies, grid integration challenges, and energy storage uptake.
- Industry: Launch the National Carbon Market, promote RE-based electrification, energy efficiency, and circular economy principles.
- Transport: Introduce ZEV sales targets, sustain demand-side incentives, accelerate charging infrastructure deployment, and enforce fuel efficiency standards.
- Nature, Forest, and Biodiversity: Align climate, biodiversity, and land-use goals, introduce measurable targets, engage the private sector, and clarify regulations for nature-based solutions.
- Strengthen Government-Business Engagement: Institutionalized collaboration is crucial for effective NDC implementation. This includes structured policy dialogues, identifying barriers, forming strategic partnerships, and engaging in international collaboration.
Key Data and Findings:
- India reduced its emission intensity of GDP by 36% between 2005 and 2020.
- Non-fossil-fuel-based power capacity accounted for 47% of total capacity by December 2024.
- 127 Indian companies have committed to science-based emissions reduction goals.
- The global clean tech market is projected to triple by 2035, reaching over USD 2 trillion.
Recommendations:
- The government should work with businesses to develop goal-oriented national policies.
- Regular dialogues should be held to identify and address implementation barriers.
- International collaboration should be aligned with national climate goals.
Overall, the report emphasizes the importance of a collaborative approach between the government and businesses to achieve India's climate goals while fostering economic growth and global leadership.
