The top four CO2 emitters in 2021 included China (31%), the US (14%), the European Union (8%) and India (7%), according to the 'Global Carbon Budget Report 2022'.
According to the UK-based Energy and Climate Intelligence Unit's report, "Big Four: Are Major Emitters Downplaying Their Climate and Clean Energy Progress?" interconnected global crises and market mechanisms are thought to be the main forces behind the global transition to renewable energy, electric vehicles, and low-carbon heating systems, particularly in those four countries.
This momentum is being driven by quick price drops that make renewable energy sources like wind and solar much more affordable than fossil fuel alternatives, worries about energy access and security, and in Europe, support for Ukraine. At the same time, EV sales are accelerating as major markets approach tipping points.
These forces are so powerful in the three countries that they may very well be on track to exceed their emission targets under the Paris Agreement, the report said. This paints a more encouraging picture for keeping global warming to 1.5 degrees Celsius.
The introduction of renewable energy, particularly solar energy, is accelerating quickly in India, according to the authors, and will drastically alter the country's electricity industry this decade.
In August, India updated its list of its "nationally determined contributions" and recommitted itself to meeting its 2030 targets of achieving a cumulative installed capacity of non-fossil fuel-based energy resources of about 50% and a reduction in GDP emissions intensity of 45% from 2005 levels.
However, the delivery of funds and the transfer of technology are prerequisites for these NDCs.
The Paris Agreement calls for NDCs, which are national plans, to keep the increase in global temperature to well below 2 degrees Celsius, ideally to 1.5 degrees Celsius.
"Coal generation will become an increasingly unprofitable back-up for wind and solar, a function that will itself inevitably fall away as storage takes off," the report said.
According to the draught National Electricity Plan, India's coal-fired power plants' total generating capacity doubled between 2007 and 2017, and the Central Electricity Authority expects coal-fired capacity to grow by less than 20% over the following ten years.
"Over the same period, the capacity of renewable generation is set to soar by 250 per cent," according to the report.
The report further stated, "This picture is reinforced by the plans of some leading companies. The giant Adani conglomerate plans to put 70 per cent of its capital investment this decade into the energy transition, including renewables and green hydrogen – a total of USD 50-70 bn (billion). Reliance Industries will invest USD 80 bn in renewable energy projects in Gujarat alone."
A significant partnership between India and Germany that was established earlier in 2022 and could make it possible to access up to USD 10.5 billion in aid for the development of clean energy resources by 2030 is also helpful in financing India's transition toward de-carbonization.
(With inputs from PTI)
