India's transition to green economy to create 50 million jobs

India's transition to a green economy could contribute more than $1 trillion in economic impact by 2030, as well as create over 50 million jobs, stated a report by the World Economic Forum. By 2070, the economic impact could increase to $15 trillion, the report further added. The WEF's 'Mission 2070: A Green New Deal for a Net-Zero India' report provides a roadmap for India's transition.

This report comes against the backdrop of Prime Minister Narendra Modi's target for India to achieve net zero emissions by 2070. At the COP26 global climate summit in Glasgow, PM Modi also committed to bring India's non-fossil energy capacity to 500 GW by 2030, carbon intensity down to 45 per cent by 2030, reduce 1 billion tonnes of carbon emissions from total projected emissions by 2030 and fulfil 50 per cent of energy requirement through renewable waste by 2030. The report stated that India's commitments are a critical foundation to achieve the 1.5-degree Celsius global warming target.

The WEF report in collaboration with Kearney and the Observer Research Foundation also underlines the potential to create jobs, boost India's contributions to address climate change, the potential to save lives and catalyse new industries.

Energy, mobility, industry, infrastructure and cities, and agriculture are the five pillars contributing over 90 per cent of India's emissions that India will need to address along with four cross-sectoral enablers, it added.