To reach net zero by 2050, India will require $13.5 trillion (£11.5tn) of investment.
That’s according to a new report submitted to New Delhi by the former Australian Prime Minister and other leaders last week.
India’s actual net zero target is 2070 – and even for this to be a possibility, $10.1 trillion (£8.6tn) of investment is necessary, the report stresses.
Labelled the ‘Getting India to Net Zero’ report, it also claims that if the country was to achieve its net zero aim, yearly GDP would grow by 4% by 2036, with 15 million new jobs created by 2047.
Alongside Prime Minster Kevin Rudd, former Indian Foreign Secretary Shyam Saran and former UN Secretary-General Ban Ki-Moon were involved in releasing the study.
It projects that India could peak emissions by 2030, noting that ending the use of new coal next year and cutting coal power by 2040 could be the key to keeping the nation on track.
Kevin Rudd has released the report during his visit to India, to help with relations and provide to the country in understanding the best means to reach net zero.
He said: “We need to accept and understand that the historical responsibility of emissions and climate change does lie with the West – and the transfer of finance and technology to developing countries is crucial in this challenge.”