India needs $12.4 trillion for net-zero transition, says report

India will need investments worth $12.4 trillion, nearly half of US GDP, from developed nations and investors to help its economy transition to net-zero carbon emissions by 2060, says a report

India will need investments worth $12.4 trillion, nearly half of U.S. GDP, from developed nations and investors to help its economy transition to net-zero carbon emissions by 2060, according to a report.

Without capital inflows and grants from the developed world, emerging economies including India’s will see household consumption fall by 5% on average each year, according to a study by Standard Chartered Plc.  

Eight emerging markets -- India, China, Indonesia, Kenya, South Africa, UAE, Nigeria and South Africa -- will together need $94.8 trillion in transition finance from developed markets if they are to meet climate goals without affecting their citizens’