India produced the first blockbuster announcement of COP26 on Monday when Prime Minister Narendra Modi said the nation will aim for net zero emissions by 2070 but called for $1 trillion of climate finance to help it and other developing nations on their way.

While some climate activists expressed disappointment at the fifty-year timescale, analysts said the target represents an important signal to global investors by a nation that will soon host the world’s largest population and needs to move from a fossil-dominated energy system while meeting soaring power demand.