{"id":274972,"date":"2023-12-23T20:28:27","date_gmt":"2023-12-23T14:58:27","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=274972"},"modified":"2023-12-23T20:28:27","modified_gmt":"2023-12-23T14:58:27","slug":"green-industrial-strategy-no-alternative-to-green-industrial-strategy","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/green-industrial-strategy-no-alternative-to-green-industrial-strategy\/","title":{"rendered":"Green Industrial strategy – No alternative to green industrial strategy"},"content":{"rendered":"

Source<\/strong>: The post Green Industrial strategy has been created based on the article \u201cNo alternative to green industrial strategy\u201d<\/strong> published in \u201cBusiness standard\u201d<\/strong> on 23rd December 2023.<\/p>\n

UPSC Syllabus Topic: <\/strong>GS paper3- Economy- changes in industrial policy and their effects on industrial growth.<\/p>\n

News<\/strong>: The article discusses the need for a comprehensive Green Industrial Strategy. It emphasized the importance of sustainable development, innovation, and securing significant investment.<\/p>\n

What is the Green Industrial strategy?<\/strong><\/h2>\n

A Green Industrial Strategy is a coordinated approach to economic growth that emphasizes sustainability and innovation.<\/p>\n

It aims to secure substantial funding, estimated at $5-7 trillion yearly globally, to meet environmental goals and promote sustainable development.<\/p>\n

This strategy involves reorienting industries towards green technologies and practices, ensuring long-term investment in clean growth, and fostering inter-sectoral collaborations. It’s exemplified by Germany’s transition to a circular economy in its steel industry, driven by supportive public policies.<\/p>\n

What are the benefits of a Green Industrial strategy?<\/strong><\/h2>\n

Promoting Sustainable Development<\/strong>:<\/strong> It aims to meet the 2030 Sustainable Development Goals, requiring substantial investment in sustainable initiatives.<\/p>\n

Economic Growth<\/strong>: <\/strong>Green industries are poised to be engines of growth, potentially worth over $10 trillion globally by 2050. It can drive innovation and create new industries and jobs in renewable energy, sustainable agriculture, and other green sectors.<\/p>\n

Enhancing Competitiveness<\/strong>: <\/strong>By investing in green technologies and industries, countries can maintain and advance their competitive standing globally.<\/p>\n

Energy Security<\/strong>:<\/strong> Shifting away from fossil fuels to renewable energy sources reduces dependency on imported fuels and enhances national security.<\/p>\n

What are the issues with Green Industrial strategy?<\/strong><\/h2>\n

Financing Gap<\/strong>:<\/strong> Achieving the Sustainable Development Goals requires an immense investment of $5-7 trillion per year, presenting a significant funding challenge.<\/p>\n

Long-term Uncertainty<\/strong>:<\/strong> Investors need confidence in the stability of policies over decades, which is currently hindered by political and policy fluctuations.<\/p>\n

Coordination Across Sectors<\/strong>: <\/strong>Effective strategy requires robust collaboration across different supply chains, which is complex and difficult to manage.<\/p>\n

Need for a Just Transition<\/strong>:<\/strong> Ensuring the transition is fair to all workers and sectors is vital but challenging, requiring careful planning and execution.<\/p>\n

What are India’s initiatives in green industrial strategy?<\/strong><\/h2>\n

Renewable Energy Production:<\/strong> Increasing renewable energy with the aim to achieve 500 GW capacity by 2030.<\/p>\n

Innovation and Infrastructure:<\/strong> Launched E20 fuel and emphasized biofuels, with development of waterways for greener transport logistics.<\/p>\n

Green Credits and Policies:<\/strong> Implementing green credit, PM KUSUM Yojana, and vehicle scrapping policy to encourage sustainable practices.<\/p>\n

Ethanol Blending and Incentives:<\/strong> Achieving 10% ethanol blending in petrol 5 months early, with a goal of 20% by 2025-26.<\/p>\n

Way forward <\/strong><\/p>\n

To tackle worldwide climate and economic challenges, countries should adopt mission-driven industrial strategies centered on green innovation and sustainability across all sectors. This involves fostering public-private partnerships and channeling investments towards ambitious objectives. Ultimately, this approach unlocks a $10 trillion green industry potential, fostering economic growth, environmental sustainability, and an equitable transition for everyone.<\/p>\n

Question for practice:<\/strong><\/p>\n

Discuss the potential benefits and challenges associated with the implementation of a Green Industrial Strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post Green Industrial strategy has been created based on the article \u201cNo alternative to green industrial strategy\u201d published in \u201cBusiness standard\u201d on 23rd December 2023. UPSC Syllabus Topic: GS paper3- Economy- changes in industrial policy and their effects on industrial growth. News: The article discusses the need for a comprehensive Green Industrial Strategy.… Continue reading Green Industrial strategy – No alternative to green industrial strategy<\/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":[1230,167,9],"tags":[10503,216,8184],"class_list":["post-274972","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-economy-subject","category-public","tag-business-standard","tag-gs-paper-3","tag-indian-economy","entry"],"jetpack_featured_media_url":"","views":{"total":4,"cached_at":"","cached_date":1703374385},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/274972","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=274972"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/274972\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=274972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=274972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=274972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}