Prime Minister Narendra Modi on Wednesday said India brings talent and innovation to the table and the International Energy Agency (IEA) will benefit if the world's fastest growing major economy plays a bigger role in the Paris-based organisation.
In a recorded message for the ministerial meeting of the IEA, he said India has surpassed its Paris climate targets ahead of schedule and remains firmly committed to addressing the global issue.
Prime Minister Modi said India's carbon emissions account for only four per cent of the global total despite it being home to 17 per cent of the global population and undertaking some of the world's largest energy access initiatives. Congratulating the IEA on its 50th anniversary, the prime minister said, "I am sure that the IEA will benefit when India plays a bigger role in it."
"Inclusivity boosts the credibility and capability of any institution," he said and added that "1.4 billion Indians bring talent, technology and innovation to the table". "We bring scale and speed, quantity and quality to every mission," Modi said. Noting that India is the world's fastest growing major economy, he said sustained growth needs energy security and sustainability.
"In one decade, we went from the 11th largest economy to the fifth largest. In the same period, our solar energy capacity grew twenty six fold. Our renewable energy capacity also doubled. We exceeded our Paris commitments in this regard, ahead of timelines," the prime minister said. "However, we are firmly committed to combating climate change," he said.
India achieved its emissions intensity-related targets 11 years ahead of the committed time-frame and non-fossil fuel targets nine years ahead of schedule. The country now aims to reduce emissions intensity of gross domestic product by 45 per cent by 2030 from 2005 levels and achieve 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
It has also committed to become a net-zero economy by 2070. Modi also highlighted India's proactive approach in leading initiatives like the International Solar Alliance and the Mission LiFE, which focuses on pro-planet lifestyle choices.
He thanked the IEA for supporting initiatives such as the Global Biofuels Alliance launched during India's G20 Presidency.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
