According to the report of Bank of America(BofA), India needs 401 Billion USD Capital investments as a part of its measures to control pollution under the 2015 Paris Climate Agreement, to save 106 GW of energy and 1.1 billion tonne greenhouse gases between 2015 and 2030.
- Bank of America(BofA) has identified 2 new themes in India’s combat against Pollution:
- This is added to the existing 7 themes identified by BofA.
- The BofA reports expect India to step up its target to reduce the emission by 2047 and announce it at the Climate Summit.
According to the Wall Street Brokerage, the 9 themes identified by the BofA can impact 99 stocks with a cumulative market cap of 1.3 trillion USD.
Effort of Government of India:
i.The Government of India had increased the ethanol blending with petrol ratio from 1.4% in 2014 to 5% in 2020, 10% by 2022 and to 25% by 2025.
ii.The government has also indicated plans to blend hydrogen with CNG and utilise CNG pipeline infra to reduce hydrogen transportation cost.
iii.The non-fossil fuel-based energy installed power capacity has reached 38% against the target of the Paris Agreement to achieve 40% by 2030.
i.Railways which has set 100 per cent electrification target by FY23, has already recorded its highest ever route electrification in FY21 at 6000 km, which is 14 per cent higher than the previous best in FY19.
ii.On Renewable Energy front, India has set a target to generate 175GW by 2022 & 450GW 2030.
iii.In line with the target, Government has approved Rs 4,500-crore production linked incentive scheme to create 10 GW solar PV manufacturing capacity vs the current capacity of just 3 GW for solar cells and 5 GW for modules.
UN launched The Second World Ocean Assessment:
i.The United Nations(UN) launched The Second World Ocean Assessment (WOA II), a major output of the 2nd cycle of the Regular Process for Global Reporting and Assessment of the States of the Marine Environment including the socio-economic aspects.
ii.WOA II is a collective effort of an interdisciplinary team of more than 300 experts across the globe.
iii.WOA II provides scientific information on the state of the marine environment to support the actions towards the achievement of the Sustainable Development Goals(SDG 14).
About Bank of America(BofA):
CEO– Brian Moynihan
Headquarters– Charlotte, North Carolina, United States