In News:

• According to the ‘Getting India to Net Zero’ report, India will require an investment of $10.1 trillion from now if it is to achieve its net-zero emissions target by 2070.
  • Net zero emission refers to achieving an overall balance between greenhouse gas emissions produced and greenhouse gas emissions taken out of the atmosphere.

What’s in today’s article:

• Getting India to Net Zero
• News Summary

Getting India to Net Zero Report

• The report is prepared by the High-Level Policy Commission on Getting Asia to Net Zero.
  • The High-Level Policy Commission on Getting Asia to Net Zero was constituted by Asia Society Policy Institute, a New York-based think tank.
• The report contains new research and modelling as well as recommendations about the policies necessary for the clean energy transition.
• It also contains insights about how much India could benefit from achieving the Net Zero status.
• This is the first report of the commission.

News Summary

• The ‘Getting India to Net Zero’ report has been released by the former Australian prime minister Kevin Rudd and others in New Delhi.
• The report acknowledged the significant resources needed for India to transition to a clean economy.

Key highlights of the report

• Amount of investment needed for making India net zero by 2070
  • Net zero emissions by 2070 would require an economy-wide investment of $10.1 trillion from now.
    • The investment required will be $13.5 trillion if the target is to be met by 2050.
• Impact on Indian economy
• 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.
• It could also create as many as 15 million new jobs by 2047.
  • By reaching net zero by 2050, India could boost annual GDP by as much as 7.3% and create nearly 20 million additional jobs by 2032.
• Positive economic impacts are driven in part by an improved trade balance of $236 billion due to reduced demand for fossil fuels.
• 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.
• India’s energy pathway received appreciation
  • The report appreciated the fact that India is not locked in an energy intensive pathway of growth like China.
  • It further said that India needs to embrace a low carbon growth trajectory.
  • It also highlighted the fact that global events have potential to shape the path of energy transition.
    • The Ukraine war has shown that developed countries such as Germany and Japan are reverting back to fossil use.
  • It is also based on what developed countries are doing.
    • Significant economic as well as technological resources are needed for India to transition to a clean economy.
• Recommendations
  • End new coal as soon as possible by 2023 and
  • start transitioning from unabated coal power by 2040.