Leading the climate charge: India sets hard targets at COP26

Financial modelling of climate risks needs to be strengthened and supervisory tools for a more rigorous analysis of climate risks from businesses need to be reinforced

At the ongoing COP 26 Summit in Glasgow, India assured its cooperation to tackle climate change in earnest. Prime Minister Narendra Modi announced a few ambitious targets at the Summit, most of which have a 2030 deadline. These include raising non-fossil fuel-based energy capacity to 500 GW, lowering total projected carbon emission by one billion tonnes, meeting 50% of the country’s energy needs through renewable sources and reducing the carbon intensity of the economy to sub 45% level.

The last target, which is the most ambitious of all, is a commitment to achieve net-zero emissions by 2070. For a fossil-fuel