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- According to the report by Getting India to Net Zero, India needs a massive USD 10.1 trillion investment from now on if India is to achieve its net-zero emissions target by 2070.
- The investment required by India would be USD 13.5 trillion if the net zero emission target is to be met by 2050.
- India’s Nationally Determined Contribution (NDC)targets set in 2015 are likely to be met early within the next few years through current policies.
- India could peak in emissions as soon as 2030.
- Achieving net zero by 2070 would increase annual GDP by up to 4.7% by 2036. and create 15 million new jobs by 2047.
- Suggested various policies to boost renewables and electrification could make net zero possible by mid-century.
- Ending new coal by 2023 and transitioning from unabated coal power by 2040, would be particularly impactful for reaching net zero emissions closer to mid-century.
Net-Zero Target
- It is referred to as carbon neutrality, which does not mean that a country would bring down its emissions to zero.
- Rather, it is a state in which a country’s emissions are compensated by the absorption and removal of greenhouse gases from the atmosphere.
- Further, absorption of the emissions can be increased by creating more carbon sinks such as forests.
- While the removal of gases from the atmosphere requires futuristic technologies such as carbon capture and storage.
- More than 70 countries have promised to become Net Zero by the middle of the century i.e., by 2050.
- India has promised to cut its emissions to net zero by 2070 at the conference of parties-26(COP) summit.
Way Forward
India’s net-zero targets and updated NDCs are certainly aspirational, keeping in mind its development needs during the post-COVID recovery.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT
