{"id":245871,"date":"2023-06-01T20:26:07","date_gmt":"2023-06-01T14:56:07","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=245871"},"modified":"2023-06-01T20:26:07","modified_gmt":"2023-06-01T14:56:07","slug":"mapping-the-climate-transition-by-identifying-policy-interventions","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/mapping-the-climate-transition-by-identifying-policy-interventions\/","title":{"rendered":"Mapping the climate transition by identifying policy interventions"},"content":{"rendered":"\n

Source<\/strong>: The post is based on the article\u00a0\u201cMapping the climate transition by identifying policy interventions<\/strong>\u201d published in Mint <\/strong>on\u00a01st<\/sup> June 2023<\/strong>.<\/p>\n

Syllabus: GS 3 \u2013 Environment, Growth & Development<\/strong><\/p>\n

Relevance: <\/strong>measures needed by India to align its growth rate with its net zero emission goals<\/strong><\/p>\n

News<\/strong>: In the Report on Currency and Finance<\/strong>, the RBI has highlighted various concerns associated with achieving desired growth rate while controlling the emission targets.<\/p>\n

As per the report, if India wants to become a developed country by 2047-48<\/strong>, its GDP growth rate should be 9.6% per annum up to 2047-48.<\/p>\n

Click Here to Read More About the Report<\/strong><\/a><\/p>\n

What are the commitments made by the countries towards achieving net zero target?<\/strong><\/h2>\n

Click Here to Read<\/strong><\/a><\/p>\n

How can India align its growth with its net zero emission target?<\/strong><\/h2>\n

As per the RBI report, India can – a)<\/strong> increase the level of energy efficiency i.e., reduce the energy used per unit of GDP and b)<\/strong> increase the greenness of energy i.e., reduce emissions per unit of energy.<\/p>\n

At present, India\u2019s energy efficiency<\/strong> has been improving at 2.3% per annum over the last 10 years. However, it needs to be accelerated to 5%.<\/p>\n

Similarly, the share of green energy<\/strong> in primary energy has to be increased to 70% – 82% of the total by 2070.<\/p>\n

How can India achieve these targets?<\/strong><\/h2>\n

Prioritizing Areas:<\/strong> As per the RBI report, India needs to intervene in some major areas which needs to be implemented over the next 10 years.<\/p>\n

Shifting power generation away from coal-based thermal power towards solar, wind and other green sources is the one of the priority areas<\/strong> because this will lead to almost half of the reduction in emissions.<\/p>\n

Phasing down coal-based power plants:<\/strong>\u00a0 As per the RBI report, the govt. should ensure that no new coal-based thermal power plants will be set up after a certain period.<\/p>\n

Phasing down coal-based power plants may also lead to phasing out coal mines, which can have implications on employment and state finances<\/strong>. India needs to prepare itself for such challenges.<\/p>\n

Investments:<\/strong> Raising the share of green energy to 70% or 82% of total energy by 2070 will involve massive investments in building electricity generation, storage and transmission capacity and also in developing infrastructure for green hydrogen.<\/p>\n

Since a large part of investments will be taken by the private sector,<\/strong> there is a need for a policy environment that will encourage such investment.<\/p>\n

Carbon tax or cap-and-trade system:<\/strong> The RBI report highlights the issue of imposing such a system. The Electricity Amendment Act makes provision for introducing a cap-and-trade system.<\/strong> However, whether an explicit carbon tax would be better needs to be carefully examined.<\/p>\n

Moreover, either option would raise the cost of coal to users and this would be reflected in the price of coal-based electricity<\/strong>.<\/p>\n

Such mechanisms might enhance the competitiveness of green electricity without implementing mandatory renewable purchase obligations on discoms.<\/p>\n

However, despite such concerns, a big advantage of carbon taxation is that it raises revenue.\u00a0<\/strong><\/p>\n

Since both the central and state governments do not have enough fiscal space for the transitions, carbon taxation will provide required resources.<\/p>\n

What can be the way ahead?<\/strong><\/h2>\n

Improvements in energy efficiency are critical to reduce emissions<\/strong>.\u00a0Therefore, there is a need to switch to more energy-efficient systems and implement more energy-efficient building designs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article\u00a0\u201cMapping the climate transition by identifying policy interventions\u201d published in Mint on\u00a01st June 2023. Syllabus: GS 3 \u2013 Environment, Growth & Development Relevance: measures needed by India to align its growth rate with its net zero emission goals News: In the Report on Currency and Finance, the RBI… Continue reading Mapping the climate transition by identifying policy interventions<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,11125],"class_list":["post-245871","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/245871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=245871"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/245871\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=245871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=245871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=245871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}