By PTI
GENEVA/NEW DELHI: India’s decarbonization journey represents upwards of a USD 15 trillion economic opportunity by 2070 with the potential to create as many as 50 million net new jobs, said a World Economic Forum (WEF) report released on Monday.
The report ‘Mission 2070: A Green New Deal for a Net-Zero India’ provides a roadmap for India’s transition to a low-carbon economy as it moves away from agriculture and services to manufacturing and a greener economy.
“With concerted action, the first USD 1 trillion of this opportunity could potentially materialize within this decade. Given this context, it is time for a Green New Deal for India,” it said.
Published in collaboration with Kearney and the Observer Research Foundation, the report underlines the potential to save lives, catalyse new industries, create jobs and boost India’s contributions to addressing climate change.
At the United Nations Climate Change Conference (COP26) in Glasgow, Prime Minister Narendra Modi has committed India to an ambitious five-part ‘Panchamrit pledge’ which are a critical foundation of the global pathway to achieve the ambitious 1. 5-degree Celsius global warming target, the 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,” said Sriram Gutta, Deputy Head, India and South Asia, World Economic Forum.
“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,” Gutta said.
The report highlights five sectoral pillars and four cross-sectoral enablers for India to maximise the opportunities presented by a Green New Deal, with the potential to create more than 50 million net new jobs and over USD 15 trillion in economic value by 2070.
The five pillars — energy, mobility, industry, infrastructure and cities, and agriculture — contribute to over 90 per cent of India’s greenhouse gas emissions, it said, adding India will need to address these pillars, alongside four cross-sectoral enablers, as part of its green transition.
These enablers are — 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 five pillars and four enablers are dependent on India’s continued economic growth, driven by technological development, financial innovation and strong political leadership, the WEF report said.
“This report visualises India becoming the world’s first USD 5 trillion and thereafter USD 10 trillion ‘off-carbon’ economy,” Samir Saran, President, Observer Research Foundation, said.
“In the decade ahead, we will all need to work together on sectoral and geographical pathways to build a green subcontinent.” Viswanathan Rajendran, Partner, Kearney India said that India needs to act on two transformations — an economic transformation to drive prosperity and a green transformation to drive sustainability.
“Our research indicates that the two need not conflict. In fact, India’s green transition might be the most viable way to fuel its economic aspirations,” Rajendran said.
The report said a Green New Deal for India will need all stakeholders — the government, the private sector, investors and civil society — to step forward and catalyse the next green revolution.
It said India has an opportunity to take bold action to achieve strong, equitable and shared growth, and avert the worst impacts of a changing climate.
