According to a report by Observer Research Foundation (ORF).
To 2021 Climate change Conference, also known as COP26, Prime Minister Narendra Modi outlined a net zero emissions target by 2070 for India. Furthermore, India aims to increase its low-carbon energy capacity to 500 gigawatts (GW) by 2030 and to meet 50% of its energy needs from renewable energy by 2030.
“The net zero of India carbon emissions The 2070 target is momentous and commendable, but ambitious to say the least, “says a statement from the ORF.
The structural changes and accelerators needed to drive this transformation by balancing the two goals of sustainability and development are detailed in the report “Shaping Our Green Future: Pathways and Policies for a Net-Zero Transformation”.
The report, ORF said, is a compendium of essays that offers possible solutions to several pressing issues and aims to provide a roadmap for India’s transition to a decarbonised and green economy.
“The net-zero path will require committing to a legally binding net-zero goal within a fixed year,” Jayant Sinha, chairman of the Standing Committee on Finance, said in the report.
A legally binding network zero target and government supportive policies can lead to massive investments in green technology and equipment.
“This, in turn, will completely transform electricity generation, transportation, construction, real estate, agriculture, concrete, steel and many other sectors – a largely private sector-driven transformation. from private sector capital, “he said.
“Massive green investments are likely to drive rapid economic growth and create high quality jobs. Net Zero will prove to be a net positive for India,” he added.
According to the quantitative modeling conducted on the decarbonisation pathways for the Indian economy, GDP is projected to increase by $ 406 billion in the zero scenario in 2050.
In the process, 22 million more jobs will be created by 2030 and 43 million more jobs by 2050, the ORF said.
The monograph is published by ORF in collaboration with the MacArthur Foundation, the Shakti Sustainable Energy Foundation, the National Investment & Infrastructure Fund (NIIF) and the Climate Policy Lab at The Fletcher School, Tufts University.
It highlights three pillars for India’s successful green transformation Net Zero Funding, Deep Decarbonization, and a Just and Inclusive Transition.
“India’s path to a thriving low-carbon economy is based on three types of strategies: job creation in low-carbon industries, robust low-carbon and peak economic growth, and subsequent reduction. , of its greenhouse gas emissions in a way that doesn’t disrupt development aspirations, “said Kelly Sims Gallagher, professor and academic dean of Fletcher School, Tufts University.
The net positive impact is mainly due to three factors: new additional investments in new technologies and capabilities; Cheaper Renewable Energy, transport and maintenance costs and operation; and a net increase in demand induced by consumption and employment, said Varun Aggarwal, Senior Program Associate Climate, World Resources Institute India.
The green transition must be driven by values of climate justice and inclusion, “leaving no one behind,” remarked Kate Hampton, CEO of the Children’s Investment Fund Foundation.
“A wide range of stakeholders (allies and adversaries alike) must come together to build alliances that foster the integration of Just Transition principles into global efforts towards decarbonisation. A decarbonised world will only really make sense if the new system is fair, equitable and inclusive, ”Hampton said.
Global cooperation and climate diplomacy will be instrumental in global alteration climate change. There can only be one new green agreement and it will have to be global. The new domestic green agreements are therefore at best only tangential assistance to the global fight against climate change. A new global green deal is needed, ORF said.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)