India needs $12.4 trillion for net-zero transition, report says

India needs $12.4 trillion for net-zero transition, report says

Bloomberg: India will need investments worth $12.4 trillion, nearly half of US GDP, from developed nations and investors to help its economy transition to net-zero carbon emissions by 2060, according to a report.

Without capital inflows and grants from the developed world, emerging economies including India’s will see household consumption fall by 5% on average each year, according to a study by Standard Chartered Plc.

Eight emerging markets — India, China, Indonesia, Kenya, South Africa, UAE, Nigeria and South Africa — will together need $94.8 trillion in transition finance from developed markets if they are to meet climate goals without affecting their citizens’ cost of living, the report said. China alone will need $35.1 trillion, the calculations show.