In its latest research report, the World Economic Forum has propagated that a Green New Deal for India could represent upwards of a $15 trillion economic opportunity by 2070 & that it has the potential to create more than 50 million net new jobs.
Kearney and Observer Research Foundation has said that $1 trillion of the opportunity can materialise within this decade if ‘concerted action’ is put in place. In its white paper, the WEF argues that if the drivers and enablers of growth it outlines are kept in mind, India can leverage green growth to add $1 trillion to GDP by 2030 – and as much as $15 trillion by 2070.
The paper notes that in India, the current per capita emissions are low even as its growing population, which is projected to surpass that of China’s in 2025, is projected to contribute considerably greater towards emissions in the future. As per some projections, India’s GDP may grow well above the world average between 2013 and 2040, at about 6.5% per annum. The paper says that energy consumption and emissions may see a spike if this growth is powered by an increased manufacturing base as well as higher demand in consumption.
India has a once-in-a-generation chance to emerge as a global green innovation hub, given the nascent stages of the green industrial revolution. This may be achieved via incentives and R&D subsidies for the private sector along with the development of green tech business incubators and R&D centres, attracting innovative foreign businesses to establish or expand their presence in India.
This, the paper says, might lead to the creation of jobs in high-growth sectors, and support for the emergence of a domestic market for low-carbon, high-value added products, and services.
Transition to a low-carbon economy can foster material net job creation as it tends to be more capital- and labour-intensive compared with traditional fossil fuel energy developments, paper notes. Kearney estimates suggest that India’s path towards a net-zero economy can create over 50 million jobs by 2070, with the largest source of employment creation coming from the transition to sustainable energy ecosystems.
Also Read:
Council on Energy, Environment and Water, a Delhi-based not-for-profit policy research institution, said, “The economic cost of India’s net-zero 2070 transition (would be) over USD 13,000 billion between 2030 and 2100.”
India through its new climate action commitments has not only demonstrated its seriousness in responding to the climate crisis but also put the ball back in the court of affluent nations by shouldering more than its fair share of burdens and securing a diplomatic edge by pitching itself as a voice of developing countries seeking accountability from rich nations on their finance promises.