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India’s transition to a green economy presents a $ 1 trillion opportunity – Eurasia Review

As consensus emerges on the urgency and extent of the transformation needed to decarbonise the global economy, India’s role and contribution will be critical if the world is to achieve its current goals.

The World Economic Forum released a new report on Monday setting out how India’s path to decarbonization will have an estimated economic impact of over $ 1 trillion by 2030 and around $ 15 trillion by 2070.

the Mission 2070: A Green New Deal for a Net Zero India The report provides a roadmap for India’s transition to a low-carbon economy, moving away from agriculture and services to manufacturing and a greener economy.

Published in collaboration with Kearney and the Observer Research Foundation, the report highlights the potential to save lives, catalyze new industries, create jobs and strengthen India’s contributions to combating climate change.

At the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Prime Minister Modi committed India to an ambitious five-part Panchamrite pledge. India’s five commitments are a critical foundation on the global path to achieving the ambitious global warming target of 1.5 degrees Celsius.

“How India continues to deliver growth and energy security to its citizens while ensuring the transition to a net-zero and green economy will determine our mutual success in the global fight against climate change,” said Sriram Gutta, Deputy Head India and South Asia, World Economic Forum. “We call on government, business and civil society to work with us to accelerate climate change and ensure a future that is good for both people and the planet.”

The report highlights five sectoral pillars and four cross-sectoral prerequisites for India to maximize the opportunities that flow through a Green New Deal with the potential to create more than 50 million net new jobs and over $ 15 trillion in economic value by 2070.

The five pillars – energy, mobility, industry, infrastructure and cities as well as agriculture – contribute to this to over 90% of India’s greenhouse gas emissions. According to the report, India needs to address these pillars alongside four cross-sectoral trailblazers as part of its green transition.

These trailblazers are: an accelerated approach to green technology innovation, an overarching framework to catalyze green finance, an integrated approach to carbon, capture, use and storage, and a plan for climate adaptation. The five pillars and four enablers depend on India’s continued economic growth driven by technological development, financial innovation and strong political leadership.

“This report visualizes India becoming the world’s first $ 5 trillion and then $ 10 trillion off-carbon economy,” said Samir Saran, president of the Observer Research Foundation. “In the next decade we will all have to work together on sectoral and geographical ways to build a green subcontinent.”

“India needs to tackle two transformations: an economic transformation to promote prosperity and a green transformation to promote sustainability. Our research shows that the two don’t have to be in conflict. Indeed, India’s green transition could be the most viable way to advance its economic aspirations, ”said Viswanathan Rajendran, Partner, Kearney India.

A Green New Deal for India requires all stakeholders – government, private sector, investors and civil society – to move forward and drive the next green revolution. India has the opportunity to take bold action to achieve strong, equitable and shared growth and avert the worst effects of a changing climate.

The report is intended to serve as a framework for joint efforts by the World Economic Forum, Kearneys and the Observer Research Foundation to accelerate climate action in key sectors of the Indian economy. Together, these organizations will work closely with relevant stakeholders in India to gain new insights, inform discussions and political frameworks, and facilitate new partnerships.

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