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India to root for equitable distribution of carbon space at COP26: Modi

Highlights

India not expected to make a net zero pledge, market participants say

Modi to urge rich nations to cut emissions

India will campaign for an equitable distribution of "carbon space" and support for climate finance and technology at the UN Conference of the Parties, or COP26, Prime Minister Narendra Modi said in a statement late Oct. 28.

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Modi's statement did not mention a net zero pledge or additional emissions cuts central to the Nov. 1-12 talks in Glasgow.

India will "highlight the need to comprehensively address climate change issues including equitable distribution of carbon space, support for mitigation and adaptation," Modi said.

The country will also emphasize on resilience building measures, mobilization of funds, technology transfer and the importance of sustainable lifestyles for green and inclusive growth, according to the statement.

India is not expected to make a net zero pledge and is unlikely to announce new carbon emissions reduction targets at the event next week, according to market participants. It will instead urge the developed nations to make big emissions cuts.

The country will push for the $100 billion a year climate fund promised by developed nations at the COP in Copenhagen, 2009, to help developing countries advance clean energy technologies. The funds were to materialize in 2020 but they haven't been raised fully.

India is the world's third largest emitter of carbon dioxide behind China and the US, but its fast-growing economy raises concerns of higher emissions in the decade ahead.

Under the 2015 Paris Agreement, India's Nationally Determined Contribution calls for a 40% installed generation capacity from non-fossil fuels by 2030, with a reduction in emissions intensity by 33%-35%, from 2005 levels.

The Indian government has said it is on course to achieve that target. India has also set a voluntary target to expand renewable power capacity to 450 GW by 2030, from about 100 GW, currently.

Modi said he would highlight the progress India has made in boosting renewable power at the upcoming COP.

"India is among the top countries in the world in terms of installed renewable energy, wind and solar energy capacity," Modi said. "I will share India's excellent track record on climate action and our achievements."