The Parliamentary Finance Panel, chaired by Jayant Sinha, is studying India’s investment needs for sustainable growth, especially for climate adaptation and mitigation.

“The additional investment required in India, beyond what we are already doing, to achieve a net zero trajectory by 2070 is $50-100 billion per year,” Sinha said in a Reuters interview.

Indian companies have invested between $65 billion and $100 billion to reduce carbon emissions from existing and new capacity.

“We need to double private sector investment in India to be on a net zero path,” said Sinha.

India is the world’s third largest emitter of greenhouse gases after China and the United States – although it ranks lower in terms of emissions per capita, according to Our World in Data.

The additional investment will finance infrastructure supporting the “green transition” of Asia’s third-largest economy, including increasing green hydrogen capacity, converting existing internal combustion engine fleets, building fueling stations, Sinha said.

Under the Paris Agreement, which committed the world to limiting warming to 1.5 degrees Celsius above pre-industrial temperatures, all countries are required to submit a report showing how they will achieve this.

At the COP27 summit in Egypt in 2022, India outlined the steps to be taken to reach net zero.

India has asked rich nations to keep their promise to provide $100 billion in annual climate finance to developing countries.

The parliamentary group has also held discussions with various regulatory bodies including the Reserve Bank of India and the Securities and Exchange Board of India, among others, to broaden their capabilities and skills as the country’s economy develops. , added Mr. Sinha.