India’s richest city Mumbai has released a 30-year roadmap named Mumbai Climate Action Plan (MCAP) to tackle climate change and reach net-zero carbon emissions by 2050, making it the first South Asian city to do so, as reported by South China Morning Post on March 13. The plan proposed reforms in city management strategies on various aspects including energy, water, air, waste, green spaces, and transport. Under the plan, over the next 30 years, the city will mainly invest in the energy sector, which accounts for 72% of its total carbon emissions. To reduce emissions in the transport sector, which is the city’s second-largest source of carbon emissions, Mumbai will pay USD1.7bn for 2,100 electric buses by 2023. Additionally, it will provide energy-conserving equipment to low-income homes.
Without intervention, the effects of climate change could cost India USD35tr over the next 50 years, of which USD920m would be born by Mumbai, citing the environment minister of the state of Maharashtra of which Mumbai is the capital. Additionally, the city is facing two major challenges brought upon by climate change, namely temperature rise and extreme rain events. Over the last 47 years, Mumbai witnessed a 0.25 degrees Celsius temperature rise per decade on average. To fund the roadmap to net-zero emissions, the city is considering raising funds through green bonds announced by the federal government. With additional funds from various financial channels and an annual budget of USD6bn, Mumbai will have advantages over its peers to realize the climate target.