Investment in renewables: IMF welcomes India's announcement at COP26

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Washington: The International Monetary Fund (IMF) on Thursday welcomed India's announcement with regard to addressing the climate change challenges at the recently concluded COP26 summit in Glasgow.

"We welcome India's announcement at the COP26 of new targets to increase reliance on renewables and reduce the carbon intensity of its economy, including to adopt net zero target by 2070," Gerry Rice, Director, Communication Department, IMF, told reporters at a news conference.

"As you know, India is currently one of the world's largest emitters, still heavily reliant on coal for electricity generation. And so, its actions may help catalyse action in other emerging market economies as well," he said.

"India's significant investment in renewables and climate change adaptation policies suggest it is well positioned to take further steps to reach this new target," Rice said responding to a question.

"We are heartened by India's focus on achieving progress in the current decade given the urgent need for global mitigation action. And as with other countries, it will be important to follow through with specific actions to contain emissions over the current decade," he added. PTI

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