Flaws in our emission reduction goals
Mobilising finance for employing low emission technologies and products is the other key intervention. Businesses do not take decisions merely on the promise of a goal. They require either a regulatory framework or a financial package that increases the scale of operations and reduces the risk on investments. The Reserve Bank of India has recently come out with a discussion paper on ways of mitigating climate risks for financial institutions. This should be taken to the logical end to devise the risk mitigation instruments that lower the cost of capital and risk of green investments. An effective carbon market is the other way of lowering or mitigating the cost of operations by the corporate investors. The incorporation of carbon dioxide reduction goal into the NDC would have given the right signal. India already operates a market in energy savings.