Achieving net zero emissions target can boost India’s GDP, says report

Source: The post is based on the article “Achieving net zero emissions target can boost India’s GDP, says report” published in The Hindu on 27th August 2022.

What is the News?

The High-Level Policy Commission on Getting Asia to Net Zero has released a report titled “Getting India to Net Zero report”.

What is the High-Level Policy Commission on Getting Asia to Net Zero?

The High-Level Policy Commission on Getting Asia to Net Zero was constituted by Asia Society Policy Institute, a New York-based think tank.

Aim: To urgently accelerate Asia’s transition to net zero emissions while ensuring that the region thrives and prospers through this transition.

What are the key findings of the report?

Net Zero by 2070: India’s transition to net zero by 2070 could boost annual GDP by 4.7% by 2036 and create 15 million new jobs by 2047.

– But India will require an investment of $10.1 trillion from now if it is to achieve its net-zero emissions target by 2070.

Net zero by 2050: If India’s net zero ambition is brought forward to 2050, annual GDP gains could go as high as 7.3 per cent and can create nearly 20 million additional jobs by 2032.

– However, for this, India will require an investment of $13.5 trillion.

Impact of ending coal use: Ending new coal as soon as possible by 2023 and transitioning from unabated coal power by 2040 would be particularly impactful to get India to net zero emissions sooner.

What is the significance of the report?

The report acknowledged the significant resources needed for India to transition to a clean economy and the foremost challenge being finance. If finance is not available, there would be a significant strain on the domestic economy.