India's Shift to green economy may create 50 mn jobs & add $1 tn in economic impact

India's Shift to green economy may create 50 mn jobs & add $1 tn in economic impact

India’s transition to a green economy could contribute more than $1 trillion in economic impact by 2030, as well as create over 50 million jobs, according to World Economic Forum report. By 2070, the economic impact could escalate to $15 trillion, the report further added. The WEF’s ‘Mission 2070: A Green New Deal for a Net-Zero India’ report provides a roadmap for India’s transition.

 The report states, “India faces two emergencies: one that is immediate, and one that is era-defining. In the immediate future, the country — which has been significantly hit by the COVID-19 pandemic — must plan for its recovery and rebuilding. India is on the frontline of the second emergency, climate change. More Indians are exposed to the negative effects of climate change and extreme weather events than any other nationality.”

Energy, mobility, industry, infrastructure and cities, and agriculture are the five pillars contributing over 90 per cent of India’s emissions that India will need to address along with four cross-sectoral enablers, it added.

These enablers include an accelerated approach to green technology innovation, an overarching framework to catalyse green finance, an integrated approach to carbon, capture, utilisation and storage, and a plan for climate adaptation.

Additionally, these pillars and enablers are dependent on India’s continued economic growth, technological development, financial innovation and strong political leadership.

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.”

“From a global perspective, India’s choices will determine the world’s success or failure on climate change. Current per capita emissions are low in India. Yet its contribution to future emissions is considerably greater, as its population is projected to continue to grow and surpass China’s around 2025,” the WEF further adds.

Samir Saran, President, Observer Research Foundation stated that the report visualises India becoming the world’s first $5 trillion and subsequently $10 trillion ‘off-carbon economy’.

The WEF report added that India will need all stakeholders, including the government, the private sector, investors and civil society to step up for the next ‘green revolution’.

“Over time, as India restructures its mobility sector, its land use, and its cities in keeping with a new green development paradigm, it will demonstrate its own global leadership and create templates for other emerging economies to follow. India’s green growth is not for itself alone: it will have a multiplier effect, blazing a trail that combines inclusive prosperity with decarbonisation,” the report concluded.