2050 net-zero target of India can enhance GDP by 7.3%, says report

New Delhi, Aug 26 (KNN) If India succeeds in achieving its goal of net-zero emission by 2050, it will not only be able to boost its GDP by 7.3 per cent but also create additional 20 million by 2032, a new research shows.

Achieving net-zero emissions by 2070, would boost annual GDP by up to 4.7 per cent by 2036,stated “Getting India to Net Zero” report on Friday.

The report was assigned by the High-level Policy Commission in May this year. The commission is made up of  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.

“Net zero will also bring notable benefits for Indians. The transition will see a net increase in employment opportunities, creating 15 million jobs beyond a baseline scenario by 2047. Households could save as much as USD 9.7 billion in energy costs by 2060”, it said.

Yet, achieving net zero emissions will require India to face various obstacles, the foremost being finance. According to the modelling research, India will need around USD 10.1 trillion in cumulative economy-wide investment to meet its 2070 target.

“While India could decarbonise using carbon revenues or other domestic tax-raising mechanisms to fund green investments, leveraging international support would 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 commission said.

The report comes ahead of a crucial moment for Asian and Indian leadership especially, with India assuming the G20 presidency in 2023 and the Asia Pacific Group hosting COP28.

The commission further stated that policies, especially to boost renewables and electrification, could make net zero possible by mid-century. Ending new coal as soon as possible by 2023 and transitioning from unabated coal power by 2040 would be particularly impactful for reaching net zero emissions closer to mid-century.  (KNN Bureau)