On October 2, 2016, India became the 62nd
country to ratify the Paris
Agreement. The agreement requires every ratifying member country to come up
with a national plan to curb carbon emissions and rising temperatures. India
has set a goal of generating 40 percent of its electricity from renewable
energy sources, as part of its plan.
The Paris Agreement is a climate change plan
that was agreed upon by the United Nations at the Paris Climate Conference in
will take effect on November 4, 2016. In order to go into effect, the agreement
required 55 countries to ratify, accounting for at least 55 percent of global
greenhouse gas emissions. The agreement has 191 signatories and 62 party states (parties). A Ministry
of New and Renewable Energy (MNRE) source told Mercom that once the Paris
Agreement comes into force it will benefit the country’s renewable sector
immensely as the agreement provides for easy flow of finance and technology.
The Paris Agreement provisions include
enhanced financial and technical support for achieving the renewable energy
target set by India. It
also provides for the establishment of a committee to help developing countries
build renewable energy capacity by addressing
gaps and needs, both current and emerging. Financial sources available for developing countries provided within
the agreement include the Green Climate Fund, Special Climate Change Fund,
Adaptation Fund and the Least Developed Countries Fund.
According to data from government agencies
and Mercom, the renewable energy generation capacity in India currently accounts
for approximately 15 percent of the total energy produced including small hydro.
The MNRE official also said that in the long term, renewable energy
will be available at a much cheaper price than thermal, and renewable energy
growth is necessary for sustainable development. The source also said that in order to reduce carbon emissions from
the current 4.5 percent of global emission, fast-paced expansion of the renewable
energy sector will have to take place.
According to preliminary estimates by the
government of India, $2.5 trillion (~Rs.166.55
trillion) is needed to reach its target of 40 percent electricity generation
from renewables by 2030.