Energetica India Magazine October-November 2021

10 energetica INDIA- Oct-Nov_2021 Prime Minister Narendra Modi at COP26 has asserted that India is the only country that is delivering in ‘letter and spirit’ the commitments on tackling climate change under the Paris Agreement. India will meet a target of net-zero emis- sions by 2070, Prime Minister Narendra Modi has told the COP26 global climate summit. Representing India at the High-Level Segment for Heads of States and Gov- ernment’ at the UN COP26 underway at Glasgow, UK, the Indian Prime Minister Modi said that India is working very hard on tackling climate change related is- sues. Calling for lifestyle changes, Modi said that environmentally conscious lifestyle choices can go a long way in tackling climate change. He urged to make ‘Life- style for Environment’ a global mission. The Prime Minister reiterated that devel- oped nations must fulfill the promised $1 trillion as climate finance, saying this should be tracked the same way as cli- mate mitigation. “India expects developed countries to make $1 trillion available as climate fi - nance as soon as possible. As we track the progress of climate mitigation, we must also track climate finance. Justice would truly be served if pressure is put on those countries that have not lived up to their climate finance commitments,” Modi said. The International Solar Alliance (ISA) has established an Investment Advisory Committee composing of leading institu- tional investors, including multilateral and commercial organizations, to guide ISA on its objective of mobilizing investments of USD 1 trillion dollars in solar energy by 2030 to address Energy Access, Energy Transition, and Energy Security at global and national levels. Confirmed Advisory Committee mem - bers include senior representatives from Africa50, CDPQ Global, IFC, Develop- ment Bank of Southern Africa, Capricorn Investment Group and Temasek. The advisory committee’s efforts will in- form and direct partnerships that ISA establishes to achieve the US$1 trillion solar investment target, such as the new partnership it is announcing with Den- mark’s Investment Fund for Developing Countries (IFU), CONCITO, and World Climate Fund. The vision of the partnership is to trans- late this goal into real investments on the ground, engaging investment and finance actors - initially focusing on the Nordic countries - to mobilize more pri- vate finance for solar energy in emerg - ing markets and developing economies, thereby contributing to bringing the world on a pathway to net zero GHG emissions and enabling enhanced access to elec- tricity for underserved populations. Torben Huss, CEO of Denmark’s Invest- ment Fund for Developing Countries (IFU) said, “as the Danish DFI, we are committed to scaling up investments in climate and clean energy. We have a special focus and track record in helping to channel institutional capital to emerg- ing and developing economies.” POLICY India Targets Net-Zero Emissions by 2070 ISA Sets up Advisory Committee with Nordic Institutional Investors to Mobilize $1 Trillion Investment for Solar