India Needs USD 10 Trillion By 2070, Climate Finance Crucial: Bhupender Yadav

Union Environment Minister Bhupender Yadav called climate finance a “make-or-break issue” for global climate action, urging developed nations to fulfill their moral responsibility to support the Global South’s transition to a low-carbon economy. Speaking at a FICCI event on Thursday, Yadav estimated that India requires over USD 10 trillion by 2070 to achieve its net-zero target, emphasizing the need for global financial systems to unlock private capital with transparency and affordability.

Yadav highlighted that public funding alone is insufficient, as fiscal constraints limit government budgets. “The role of public budgets and concessional finance is to de-risk and crowd in private capital,” he said, noting that climate finance is integral to development, underpinning energy security, food security, and industrial competitiveness. India’s initiatives, such as sovereign green bonds, regulatory oversight by the RBI and SEBI, and blended finance for renewable energy and electric mobility, demonstrate its commitment to sustainable growth.

The minister advocated for high-integrity carbon markets under Article 6 of the Paris Agreement, which enables carbon credit trading to mobilize billions for climate action and technology transfer. He criticized the UNFCCC’s USD 300 billion by 2035 pledge as inadequate, warning that insufficient financing risks locking future generations into climate uncertainty and resource scarcity.

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India’s Green Credit Programme and an estimated Rs 85.6 trillion investment by 2030 for climate-aligned industries reflect its ambitious path, Yadav said. He stressed that green finance must prioritize people, creating jobs and ensuring access for MSMEs and marginalized groups, aligning with India’s values of equitable development.

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