India’s GDP will rise by $406 billion by 2050 and more than 43 million jobs will be created, as Asia’s third-largest economy leaps towards a net-zero target, according to a report by Observer Research Foundation (ORF).
At the 2021 Climate Change Conference, also known as COP26, Prime Minister Narendra Modi outlined a net-zero emissions target by 2070 for India. Also, India is targeting to increase its low-carbon power capacity to 500 gigawatts (GW) by 2030, and meet 50 per cent of its energy requirements from renewable energy by 2030.
A detailed report on the Structural changes and accelerants required to steer this transformation while balancing the twin goals of sustainability and development can be found in ‘Shaping Our Green Future: Pathways and Policies for a Net-Zero Transformation’. The report will offer several answers to the pressing question on the transition of India to a decarbonised and green economy.
A legally binding net-zero target and supportive government policies can lead to massive investments in green technologies and equipment. Massive green investments will likely drive fast economic growth and create high-quality jobs.
The monograph is published by ORF in collaboration with the MacArthur Foundation, Shakti Sustainable Energy Foundation, National Investment & Infrastructure Fund (NIIF) and the Climate Policy Lab at The Fletcher School, Tufts University. It underlines three pillars for India’s successful green transformation – Financing Net Zero, Deep Decarbonisation and a Just and Inclusive Transition.
“India’s path to a prosperous low-carbon economy rests on three types of strategies: job creation in low-carbon industries, robust low-carbon economic growth, and peaking, and subsequently reducing, its GHG emissions in a way that does not disrupt development aspirations,” said Kelly Sims Gallagher, Professor and Academic Dean at The Fletcher School, Tufts University.
Global cooperation and climate diplomacy will be instrumental in altering global climate change. There can only be one green new deal, and it will have to be global. Domestic green new deals are thus at best only of tangential assistance to the global fight against climate change. It is a new global green deal that is required, ORF said.
Adding to the positive news, the RBI Governor, Shaktikanta Das had earlier expressed his faith that India’s economy. He stated that the Indian economy will be able to gain a 9.5 per cent growth in the current fiscal (FY22). This means that the RBI expects the economy to pick up steam going forward and India’s GDP will rise by $406 billion by 2050 in Net-Zero Scenario.
(Source- PTI News)
