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Indian private sector to drive carbon transition: Moody’s

IANS
Updated: April 19th, 2022, 12:07 IST
in Business
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Moody's

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\Chennai: Indian private sector has to drive the carbon transition efforts as the country’s significant economic development needs will constrain the government’s ability to extend sufficient financial support, said Moody’s Investors Service.

According to Moody’s, many large corporations have launched a wide range of emission targets through 2050.

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“India’s (Baa3 stable) 2070 net-zero target and intermediate goals through 2030 present significant policy implementation challenges for the government, carving a more central role for private companies and investors to drive the transition, according to a new report by Moody’s.

“The country’s high growth potential, significant economic development needs and large agricultural sector will likely weaken the government’s policy resolve and financial capacity to drive the economy’s carbon transition. As such, India’s planned emissions reductions will be conditioned upon low-cost, long-term private capital,” Nishad Majmudar, Assistant Vice President and Analyst said.

Many of the country’s large private companies have announced net-zero targets that are well ahead of Indian authorities’ goals, while the government-linked companies are comparatively behind. Additional policy signals to encourage transition would drive higher private investment.

“The pace of India’s carbon transition will depend on the extent to which the government can balance energy affordability and reliability needs against its emissions reduction commitments,” said Abhishek Tyagi, Vice President and Senior Credit Officer.

“Reduced storage costs and the scalability of renewable projects with storage would support a faster transition,” added Tyagi.

Indian banks’ significant loans to carbon-intensive sectors expose them to transition risks, and they will face pressure to decarbonise their loan books. At the same time, green financing presents a significant lending opportunity, given banks’ dominant role in credit intermediation in the country, Moody’s said.

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