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World Economic Forum launches alliance to supercharge India's climate action

  • Category
    Ecology and Environment
  • Published
    30th May, 2022

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?

  1. By 2030, India to bring its non-fossil energy capacity to 500 GW
  2. By 2070, India will achieve net-zero emissions
  3. Come 2030, India will fulfil 50 per cent of its energy requirement through renewable energy
  4. Come 2030, India will bring its economy's carbon intensity down to 45%
  5. By 2030, India will reduce 1 billion tonnes of carbon emissions from the total projected emissions

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