Fri. Mar 29th, 2024

India’s transition to a net-zero economy could contribute more than $1 trillion in economic opportunity by 2030, and create 50 million jobs by 2070, stated a report by the World Economic Forum on Monday. By 2070, the economic impact could increase to $15 trillion, the report further added.

The WEF’s ‘Mission 2070: A Green New Deal for a Net-Zero India’ report provides a roadmap for India’s transition.

The white paper prepared in collaboration with Kearney India, and Observer Research Foundation (ORF), underlined that “India’s transition to a net zero economy can save lives, catalyse new industries, create over 50 million jobs and contribute more than $15 trillion in economic impact. It is time for a Green New Deal for India”.

It added that the green buildings, infrastructure and ‘cities pillar’ would be the next largest source of employment creation, with the potential to offer upwards of 25% of the projected job creation from the Green New Deal for India.

As per the WEF whitepaper, “net job losses will arise in coal mining and processing, as well as coal power generation and crude oil extraction, processing and refining”.

The paper notes that in India, the current per capita emissions are low even as its growing population, which is projected to surpass that of China’s in 2025, is projected to contribute considerably greater towards emissions in the future. As per some projections, India’s GDP may grow well above the world average between 2013 and 2040, at about 6.5% per annum. The paper says that energy consumption and emissions may see a spike if this growth is powered by an increased manufacturing base as well as higher demand in consumption.

India has a once-in-a-generation chance to emerge as a global green innovation hub, given the nascent stages of the green industrial revolution. This may be achieved via incentives and R&D subsidies for the private sector along with the development of green tech business incubators and R&D centres, attracting innovative foreign businesses to establish or expand their presence in India.

This report comes against the backdrop of India’s target to achieve net-zero emissions by 2070. At the COP26 global climate summit in Glasgow, PM Modi also committed to bring India’s non-fossil energy capacity to 500 GW by 2030, carbon intensity down to 45 per cent by 2030, reduce 1 billion tonnes of carbon emissions from total projected emissions by 2030 and fulfil 50 per cent of energy requirement through renewable waste by 2030. The report stated that India’s commitments are a critical foundation to achieve the 1.5-degree Celsius global warming target.

“India faces two emergencies: one that is immediate, and one that is era-defining. In the immediate future, the country — which has been significantly hit by the COVID-19 pandemic — must plan for its recovery and rebuilding. India is on the frontline of the second emergency, climate change. More Indians are exposed to the negative effects of climate change and extreme weather events than any other nationality,” the report stated.

Sriram Gutta, Deputy Head, India and South Asia, World Economic Forum, said, “How India continues to deliver growth and energy security to its citizens while ensuring the transition to a net-zero and green economy will define our collective success in the global fight against climate change.”

Samir Saran, President, Observer Research Foundation stated that the report visualises India becoming the world’s first $5 trillion and subsequently $10 trillion ‘off-carbon economy’.

The WEF report added that India will need all stakeholders, including the government, the private sector, investors and civil society to step up for the next ‘green revolution’.

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