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India’s New Green Deal can create over 50 million jobs: WEF White Paper

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India's-transition-to-net-zero-economy-can-create-over-50-million-jobsIn accordance with the World Economic Forum’s (WEF) latest research report i.e. white paper namely ‘Mission 2070: A Green New Deal for a Net Zero India’ , a Green New Deal for India can add $1 trillion to GDP by 2030, and $15 trillion by 2070 along with a potential of creating more than 50 million new jobs.

  • The report has been prepared by collaboration with Kearney India, and Observer Research Foundation.

Key Points:

i.Green buildings, infrastructure and cities pillar are the next largest source of employment creation.

ii.In India, the population is projected to surpass China’s in 2025 which will result in greater emissions in the future.

iii.As per some projections, India’s GDP may grow above the world average between 2013 and 2040, at about 6.5% per annum.  If this growth is powered by an increased manufacturing base then again there will be more emissions.

iv.The five sectors that contribute to almost all its GHG (Green House Gas) emissions are Low Carbon Energy, Green Mobility, Decarbonization of energy Intensive Industries, Green Buildings, Infrastructures and Cities, Sustainable Agriculture.

Opportunity for India:

As per the paper, India has a once-in-a-generation chance to emerge as a global green innovation hub. This may be achieved via incentives and R&D (Research & Development) subsidies for the private sector, development of green tech business incubators and R&D centres, and attracting innovative foreign businesses.

  • This lead to the creation of jobs in high-growth sectors, and support the emergence of a domestic market for low-carbon, high-value added products, and services.

Additional Info:

  • The report was released after Prime Minister Narendra Modi’s announcement to achieve net-zero emissions by 2070 at the COP26 summit in Glasgow.
  • PM Modi also pledged to reduce India’s non-fossil energy capacity to 500 GW, carbon intensity to 45%, lower 1 billion tonnes of carbon emissions from total projected emissions, and fulfill 50% of energy requirement through renewable waste by 2030.
  • India’s commitments are critical to achieving the 1.5-degree Celsius global warming goal.

Click here for Official Report

Recent Related News:

Kearney in association with WEF (World Economic Forum) released a report titled, ‘Shifting Global Value Chains: the India Opportunity’ states that Coordinated action between the government and the private sector can help create globally competitive manufacturing companies in the country. The report said India’s manufacturing sector exports can help drive more than USD 500 billion in annual economic impacts for the global economy by 2030.

About World Economic Forum (WEF):

Founder and Executive Chairman– Professor Klaus Schwab
Headquarter– Geneva, Switzerland