Environment & Ecology
In News: Achieving net zero carbon emissions by 2070 could boost India’s economy by as much as 4.7% above the projected baseline growth in GDP terms by 2036, worth a total of $371 billion as per the report by High-level Policy Commission on Getting Asia to Net Zero.
- It could also create as many as 15 million new jobs by 2047.
- The Getting India to Net Zero report, as it is called, contains new research and modelling and finds that policies to initiate the clean energy transition will be crucial in determining when India achieves net zero emissions and how much it could benefit from it.
- Positive economic impacts are driven in part by an improved trade balance of $236 billion due to reduced demand for fossil fuels.
- By reaching net zero by 2050, India could boost annual GDP by as much as 7.3% ($470 billion) and create nearly 20 million additional jobs by 2032, compared with the current policies, the report finds.
- Net zero emissions by 2070 would require an economy-wide investment of $10.1 trillion from now; 2050 calls for $13.5 trillion, the research finds.
- Additional finance would free up existing resources to tackle negative impacts of climate policies such as carbon taxes, and to help reskill and upskill workers.
Must Read: India’s higher Climatic Targets
Source: The Hindu
