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.