India’s 2035 Climate Target: A Business Opportunity for Growth and Global Leadership
India has demonstrated strong climate leadership under the Paris Agreement and is on track to meet its existing Nationally Determined Contribution (NDC) for 2030. As countries prepare to submit new NDCs ahead of COP30 in 2025, which reflect a country’s “highest possible ambition,” grounded in the principles of “common but differentiated responsibilities and respective capabilities,” India has a timely opportunity to build on this success by setting out a clear, ambitious vision for 2035 that advances both national development goals and global climate commitments.
A well-crafted NDC can serve as a strategic tool for India to advance inclusive, low-carbon and nature-positive economic growth; enhance energy security; and boost competitiveness and resilience in a rapidly evolving global economy. At the same time, it can help to attract investment and mobilize the scale of private sector finance needed to deliver on India’s long-term Net Zero by 2070 commitment.
Indian business backs the transition: a landmark poll shows that 99% of executives in Indian companies support a transition from fossil fuels to renewable energy (RE)-based electricity generation, with most (84%) wanting the transition within the next decade1. Moreover, 59% view RE as critical to boosting economic growth in line with India’s development priorities (ibid).
Recognizing this imperative, The Energy and Resources Institute (TERI) and the We Mean Business Coalition, with strategic inputs from industry stakeholders, have developed recommendations for how the Indian government can ensure India’s new NDC drives enhanced business action and investment in climate action. It covers the following three pillars and builds on the global ‘Business Call to Action for Ambitious and Investible NDCs’ launched by the We Mean Business Coalition in September 2024.