- Down to earth
India’s MSMEs must pare emissions and climate finance may be the nudge they need
The Micro, Small and Medium Scale (MSME) sector contributes around 30 percent to India’s gross domestic product and employs around 120 million people. But at the same time, it generates around 110 million tonnes of CO2 equivalent, according to a report by the Centre for Study of Science, Technology & Policy (CSTEP) published in 2018.
Countries across the globe were urged to come forward and make commitments to attain net-zero carbon emissions by 2050 during the 26th Conference of Parties (CoP26) to the United Nations Framework Convention on Climate Change at Glasgow, Scotland in 2021.
India also attended the conference and committed to two major goals. First, it would supply 50 percent of its energy needs through renewable sources by 2030. Achieving net-zero carbon emissions by 2070 is the second goal.