help her India develop with friendly to Wednesday the path is one of the best things that could happen for its inhabitants and the planet as a whole. The world’s most populous country emits only 7% of greenhouse gases, but are growing rapidly while production in rich countries has largely peaked. If India avoids the dirty path to developmentfollowed by others, including China, everyone will have a better chance of avoiding the hell of climate change. Moreover, India could have a lot to gain. Accelerating investment in low-carbon development could provide good jobs, reduce air pollution and improve energy security, said Navroz Dubas of the Center for Policy Studies, an Indian think tank. It will also put the oil-importing country on the path to low-carbon products, with a corresponding restructuring of global trade.

Of course, we are talking about a gigantic enterprise. Prime Minister’s Government Narendra Modi promised to decarbonize the economy by 2070. Many experts believe that India needs to move even faster. Business Consulting Group McKinsey, for example, requires an investment of 11 trillion. dollars to fund a “fast track scenario” that will complete most of the work by 2050.

India will have to attract the lion’s share of funding for the necessary storage electricity, green hydrogen and other clean technologies, and stimulate renewable energy through private capital. To do this, it will need policies that encourage green investment, including accelerating plans to set prices for carbon dioxide. Rich countries can also help even when their budgets are overstretched. They can provide guarantees, thereby lowering the cost of capital for private investors. They can do it too The World Bank increase investment in climate change, an idea promoted by India and likely to be widely represented at the World Bank’s spring meetings and International Monetary Fund This week.

group of seven (G7) wealthy industrialized countries have tried to push India to join the Fair Energy Transition Partnership (JETP) following similar agreements with Indonesia, Vietnam and South Africa. The structure promises funding, in part to help with the early decommissioning of coal-fired power plants.

But the Modi government would prefer to work through the Group of Twenty (G20) major economies, which it leads this year, says Vaibhav Chaturvedi of CEEW, India’s climate think tank. He would like to present a general vision for how to promote green growth in emerging economies, rather than focusing on phasing out coal. The Indian government does not want to get rid of it. And that’s because he’s worried that renewables will make the grid unreliable, and because millions of people work or depend on the coal industry.