India will ratify the 2015 global climate agreement early next month, Prime Minister Narendra Modi said Sunday, bringing the deal a significant step closer to taking effect this year.
The accord, struck in Paris by 195 countries, laid out a path to curb global warming and, for the first time, required developing countries to take action to lower the trajectory of their emissions growth. ‎
But it can take effect only once 55 countries, representing 55% of the world's greenhouse-gas emissions, ratify it. So far, 60 countries have done so, including the largest emitters, the U.S. and China, fulfilling the first condition.
Mr. Modi said at an event of his Bharatiya Janata Party that India would ratify on Oct. 2. A further 13 countries have also committed to ratify the deal by the end of the year, all but ensuring that the agreement will take effect in 2016.
President Barack Obama, who championed the agreement, has pushed world leaders, including Mr. Modi in two recent meetings, to expedite their efforts to ratify. If the pact comes into force this year, the U.S. would be bound to the agreement for four years, potentially binding the hands of the next president.
Under the deal, India didn't agree to cap or cut its emissions like some other emerging economies. Instead, New Delhi pledged to ramp up its use of renewable energy and reduce its emissions relative to its gross domestic product by 33% to 35% by 2030 from 2005 levels. This arrangement means emissions by India, the world's fastest-growing large economy, will continue to grow, but at a slower rate.
The Paris accord seeks to limit the earth's warming to "well below" 2 degrees Celsius (3.6 degrees Fahrenheit) above temperatures at the start of the industrial age. It allows nations to determine their own emissions-reduction plans.
Source : http://www.nasdaq.com/article/modi-says-india-to-ratify-paris-climatechange-pact-20160925-00069