financetom
Business
financetom
/
Business
/
India signs up to UK's Breakthrough Agenda on affordable, clean tech
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
India signs up to UK's Breakthrough Agenda on affordable, clean tech
Nov 2, 2021 3:02 PM

Prime Minister Narendra Modi is among 40 leaders to back and sign up to the UK's Glasgow Breakthroughs, an international plan to deliver clean and affordable technology everywhere by 2030, launched at the COP26 climate summit on Tuesday.

India joins the US, European Union, China, among others representing more than 70 percent of the world's economy and every region, to sign up to the agenda. Modelled on the UK's landmark Net Zero Strategy, the Breakthrough Agenda will see countries and businesses coordinate and strengthen their climate action each year to dramatically scale and speed up the development and deployment of clean technologies and drive down costs this decade.

By making clean technology the most affordable, accessible and attractive choice, the default go-to in what are currently the most polluting sectors, we can cut emissions right around the world, said British Prime Minister Boris Johnson. The Glasgow Breakthroughs will turbocharge this forward, so that by 2030 clean technologies can be enjoyed everywhere, not only reducing emissions but also creating more jobs and greater prosperity, he said.

The aim is to make clean technologies the most affordable, accessible and attractive choice for all globally in each of the most polluting sectors by 2030, particularly supporting the developing world to access the innovation and tools needed to transition to net zero. Prime Minister Johnson is setting out the first five goals, the Glasgow Breakthroughs, collectively covering more than 50 percent of global emissions: Power: Clean power is the most affordable and reliable option for all countries to meet their power needs efficiently by 2030.

Also Read: Modi stuns all with ‘net-zero by 2070’ pledge; key highlights from PM’s COP26 summit address

Road Transport: Zero emission vehicles are the new normal and accessible, affordable, and sustainable in all regions by 2030. Steel: Near-zero emission steel is the preferred choice in global markets, with efficient use and near-zero emission steel production established and growing in every region by 2030.

Hydrogen: Affordable renewable and low carbon hydrogen is globally available by 2030. Agriculture: Climate-resilient, sustainable agriculture is the most attractive and widely adopted option for farmers everywhere by 2030.

The plan will see countries and businesses work closely through a range of leading international initiatives to accelerate innovation and scale up green industries this includes, for example, stimulating green investment through strong signals to industry about the future economy, aligning policies and standards, joining up R&D efforts, coordinating public investments and mobilising private finance particularly for developing nations. Delivering the first five breakthroughs could create 20 million new jobs globally and add over USD 16 trillion across both emerging and advanced economies.

Also Read: Explained: What COP26 climate summit in Glasgow is all about; what India expects

The UK says Glasgow Breakthroughs will drive forward global progress to halving emissions by 2030, which is crucial to keeping the limit to temperatures rises to 1.5C within reach, and will support the UK Presidency's key aims to secure global action on phasing out coal and accelerating the transition to electric vehicles. Leaders will also commit to discuss global progress every year in each sector starting in 2022 supported by annual reports led by the International Energy Agency in collaboration with the International Renewable Energy Agency and UN High Level Champions with annual discussions of Ministers across government convened around the Mission Innovation and Clean Energy Ministerials. This Global Checkpoint Process' will seek to sustain and continually strengthen international cooperation across the agenda throughout this decade.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US fast-food chains may have to amp up promotions as more people eat at home
US fast-food chains may have to amp up promotions as more people eat at home
May 2, 2024
(This May 1 story has been corrected to say 'global sales growth slow' and not 'sales decline' in paragraph 9) By Savyata Mishra and Juveria Tabassum (Reuters) - Global fast food giants may have to dole out steeper promotions to lure inflation-hit customers who are increasingly opting to eat at home, following weak sales from the likes of McDonald's and...
Berkeley takes hands-off approach to Gaza campus protests. Columbia called the police
Berkeley takes hands-off approach to Gaza campus protests. Columbia called the police
May 2, 2024
May 2 (Reuters) - At Columbia University, tensions between the administration and students protesting over Israel's war in Gaza have reached the point that scores of New York City police marched onto campus to clear an encampment and arrest demonstrators who had commandeered a classroom building. It was the second time in as many weeks that the administration has called...
Booking Holdings Historically Adds to Post-Market Earnings Moves in Following Regular Session
Booking Holdings Historically Adds to Post-Market Earnings Moves in Following Regular Session
May 2, 2024
06:02 AM EDT, 05/02/2024 (MT Newswires) -- Booking Holdings ( BKNG ) is due with its Q1 results in the after-hours today, and analysts polled by Capital IQ expect the company to report a profit of $14.14 per share on revenue of $4.3 billion. BKNG demonstrates a tendency to widen its next-day share movement following an extended-hours earnings release, doing...
Cigna sees strong annual profit on lower costs, pharmacy benefit strength
Cigna sees strong annual profit on lower costs, pharmacy benefit strength
May 2, 2024
May 2 (Reuters) - Health insurer Cigna Group ( CI ) raised its annual profit forecast on Thursday, as lower-than-expected medical costs and strength in its pharmacy benefit management unit helped it beat first-quarter earnings estimates. The company now expects an adjusted profit of at least $28.40 per share in 2024, up 15 cents from its previous forecast. Cigna's (...
Copyright 2023-2026 - www.financetom.com All Rights Reserved