World Economic Forum launches alliance to supercharge India's climate action
- Category
Ecology and Environment
- Published
30th May, 2022
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Context
The World Economic Forum recently launched Indian CEO’s Alliance to supercharge India’s climate action and decarbonization efforts which will further aid in realizing Prime Minister Narendra Modi’s ambitious five-part ‘Panchamrit’ pledge.
About
- Part of the World Economic Forum’s Climate Action Platform, the Alliance will continue efforts to achieve the vision outlined in the white paper released last year, “Mission 2070: A Green New Deal for a Net Zero India”, on India’s low-carbon transition by 2070.
- It will bring together the government, businesses, and other key stakeholders to achieve the Indian Prime Minister’s ambitious five-part ‘Panchamrit’ pledge, which includes the country’s net-zero carbon emission target by 2070.
Need:
- A just transition could generate annual business opportunities worth over $10 trillion and create 395 million jobs by 2030 worldwide.
- India alone could create more than 50 million net new jobs and generate over $15 trillion in economic value.
- The government and business leaders from India have been stressing on the need for moving into the green energy space faster but in a calibrated as well as sustainable way.
- Also, a lot of emphasis is being given on green hydrogen and biofuels, while a number of consumer industries have been also vocal about using green energy sources with the right policy measures.
What are the five commitments PM Modi made at COP26?
- By 2030, India to bring its non-fossil energy capacity to 500 GW
- By 2070, India will achieve net-zero emissions
- Come 2030, India will fulfil 50 per cent of its energy requirement through renewable energy
- Come 2030, India will bring its economy's carbon intensity down to 45%
- By 2030, India will reduce 1 billion tonnes of carbon emissions from the total projected emissions
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