COP26 Daily: Modi outshines Biden

[View in browser]( [Bloomberg]( Welcome to Bloomberg Green’s special newsletter on the latest developments at COP26, the global climate summit taking place in Glasgow, Scotland. We’ll deliver news and insights at the end of each day throughout the conference. All climate stories are free for online readers. What Happened Today - Biden says U.S. is back, but [offers no new climate plans]( - Crypto advocates defend their [mining sustainability]( - Brazil considers a stronger forest protection goal - Here’s how Day 1 [unfolded in Glasgow]( The Big Story Third-Biggest Emitter Makes Net-Zero 2070 Pledge By Akshat Rathi Indian Prime Minister Narendra Modi said the world’s third-biggest emitter will zero out pollution by 2070, [the boldest statement of intent]( at the opening of the COP26 climate summit in Glasgow. The country will increase its non-fossil fuel power capacity to 500 gigawatts by the end of the decade, he said, raising its goal from 450GW. Modi said half of India’s electricity will come from renewable sources by 2030. Modi also committed to increasing India’s 2030 carbon intensity goal — measured as carbon dioxide emissions per unit of gross domestic product —from 35% to 45%. It will also strive to produce half of its electricity using renewable energy and cut carbon-dioxide emissions 1 billion tons from business as usual by 2030. The Indian leader also demanded that rich countries [ramp up their contributions]( to help less developed nations decarbonize. Read More: [The $100 Billion Hurdle to a Climate Breakthrough]( “It is India’s expectation that the world’s developed nations make $1 trillion available as climate finance as soon as possible,” Modi said. “Justice would demand that those nations that have not kept their climate commitments should be pressured.” Narendra Modi, center, embraces Antonio Guterres, secretary general of the United Nations, and Boris Johnson, U.K. prime minster, left. Photographer: Robert Perry/EPA India’s new targets don’t mean its absolute emissions will decline by the end of this decade. The goals, if met, would help the world stem global warming significantly compared to the current trajectory. To keep temperatures from rising more than 1.5C, the UN’s Intergovernmental Panel on Climate Change projects that the world has to reach net-zero carbon dioxide emissions by about mid-century and then hit net zero across all greenhouse gases by 2070. Earlier, U.S. President Joe Biden offered promises of American action to combat climate change and propel clean energy — but made no new big, bold promises in his speech. As a service to readers, [Bloomberg.com]( has lifted its paywall and is providing all Bloomberg Green content for free from Nov. 1 through Nov. 12. Follow our special COP26 coverage [here](. Quote of the Day “Put a price on carbon. Nature can’t pay that price anymore” Ursula von der Leyen European Commission President COP26 Scorecard  One Key Number 80 Number of countries that signed a pledge to cut methane  Read More: [Why Low-Key Methane Pledge Is a Big Deal]( From Bloomberg Opinion The outcome of the G-20 climate talks haven’t exceeded anyone’s expectations. [But that’s no reason to feel pessimistic](, writes David Fickling. Disappointment is almost inevitable at these meetings. More important is the strong global trend towards decarbonization. Mihir Sharma explains that India is willing to cut its coal use, [but needs cash](. A contest between two carbon-fuelled billionaires could open a pathway to lower-emissions economic growth, Andy Mukherjee and Anjani Trivedi explain, but each businessman [only controls certain pieces of the puzzle](. Follow Us You received this message because you are subscribed to Bloomberg's Green Daily COP26 newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](