If India works towards achieving net zero emissions by 2050, it could boost its GDP by 7.3 per cent ($470 billion) and create about 2 crore additional jobs by 2032, indicated a modelling and research report on Friday. The report ‘Getting India to Net Zero’ was released on Friday, which said India achieving net zero by 2070 would boost annual GDP by up to 4.7 per cent by 2036.
Achieving net zero emissions by 2070 could boost India’s economy by as much as 4.7 per cent above the projected baseline growth in GDP terms by 2036 — worth a total of $371 billion, illustrated the latest research by the High-level Policy Commission, reported news agency PTI.
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What is the commission on ‘Getting Asia to Net Zero’?
Launched in May, the commission has four prominent members including former Australian prime minister Kevin Rudd, former United Nations secretary general Ban Ki-Moon, former vice chairman of NITI Aayog Arvind Panagariya, and global head and director of Climate Business, International Finance Corporation, Vivek Pathak.
How it will boost GDP?
The report noted that Net zero will bring notable changes for Indians. The transition will see a net increase in employment opportunities, creating 1.5 crore jobs beyond a baseline scenario by 2047. Households could save as much as $9.7 billion in energy costs by 2060, the report said.
However, achieving net zero emissions will not be devoid of challenges, the foremost being finance: according to the modelling, India will need around $10.1 trillion in cumulative economy-wide investment to meet its 2070 target.
The Commission explained India could decarbonise using carbon revenues or other domestic tax-raising mechanisms to fund green investments, besides leveraging international support may free up domestic finance for development, poverty reduction and management of social impacts, helping mitigate the negative impacts on households from higher prices and taxes.
The report comes at a crucial time when Asian and Indian leadership especially, with India assuming the G20 presidency in 2023 and the Asia Pacific Group hosting COP28.