India could reap $1 trillion in financial benefits and create 50 million green jobs by 2030 if the country’s 2070 decarbonisation strategy receives sufficient investment, according to a new report released by the World Economic Forum.
The report, Mission 2070: A Green New Deal for a Net-Zero India, highlights the five pillars in need of more funding, focus and innovation to accelerate the country’s decarbonisation.
The five pillars include energy, mobility, industry, infrastructure and cities, and agriculture. Together, the sectors produce 90% of India’s greenhouse gas emissions hence the need for the government, public sector and stakeholders to increase the application of low carbon and digital solutions, according to the study.
The study was released in partnership with Kearney and the Observer Research Foundation and also reveals four enablers of reduction in greenhouse gas emissions in the five sectors.
The enablers include an accelerated approach to green technology innovation, an overarching framework to catalyse green finance, an integrated approach to carbon, capture, utilization and storage, and a plan for climate adaptation.
The report also states that financial innovation and strong political leadership are critical to helping India realise its decarbonisation goals set by Minister Naridhra during the COP26 climate change summit in Glasgow.
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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.
“We are calling on the government, businesses and civil society to work with us to accelerate climate action and ensure a future that is good for both people and the planet.”
The call follows India, and the three largest greenhouse gas emitters including China, the US and Australia refusing to sign the Global Coal to Clean Power Transition Statement, which calls for the phase-out of coal power in developed economies in the 2030s and 2040s.
Instead, India has campaigned for delegates at the COP26 summit to agree to a ‘coal phase down’ rather than the previous ‘coal phase out’ campaign to mitigate climate change.
By increasing investment in the green and economic transformations, Samir Saran, President, Observer Research Foundation, added that India has the potential of “becoming the world’s first $5 trillion and thereafter $10 trillion ‘off-carbon’ economy”
The report states opportunities within India’s green transition could reach $15 trillion by 2070.
Besides the lack of funding and lagging by regulators in speeding up the green revolution, factors including inadequate land to build renewables projects could delay India’s energy transition, according to the Institute for Energy Economics and Financial Analysis.
Find out more about the report.