WEF Report: Mission 2070- A Green New Deal for a Net Zero India

World Economic Forum (WEP) published its report titled “Mission 2070: A Green New Deal for a Net-Zero India” to provide a roadmap for India’s energy transition.

Highlights

• The report was published in the backdrop of India’s target to achieve net zero emissions by 2070. This target was committed by Prime Minister Narendra Modi at COP26 global climate summit in Glasgow.
• At the summit, PM Modi also committed:

1. To bring non-fossil energy capacity of India to 500 GW by 2030,
2. To lower carbon intensity to 45 per cent by 2030
3. To reduce 1 billion tonnes of carbon emissions out of total projected emission by 2030.
4. To fulfil 50 per cent of energy requirement using renewable waste by 2030.

Key Findings of the report

• Report highlights that, India’s transition towards a green economy could contribute about $1 trillion in economic impact by 2030. It will create more than 50 million jobs.
• The economic impact would increase to $15 trillion by 2070.
• Report notes that, India’s commitments are a critical foundation for achieving 1.5-degree Celsius global warming target.
• India is on the frontline of climate change. More of Indians are exposed to negative effects of climate change and extreme weather events as compared to other nationality.

Five Pillars contributing towards emission in India

Energy, industry, mobility, agriculture and infrastructure & cities are the five pillars in India, contributing over 90 per cent emissions. India will require to curb this emission, along with four cross-sectoral enablers including-

1. Accelerated approach to green technology innovation;
2. Integrated approach to carbon, capture, utilisation and storage
3. Overarching framework to catalyse green finance and
4. Plan for climate adaptation.

Month: Current Affairs - November, 2021