Low Carbon Means Better Economy

Context: Increasing incidence and intensity of cyclones, floods, droughts, heatwaves, wildfires, cold waves and recent Covid-19 pandemic, underscores the need for ramping up efforts to drastically alter human activities.

Need of Transition to Low Carbon Economy:

• Benefits of Climate-friendly policies: Cleaner air, improved energy security, new job opportunities and competitive advantage have led more countries to consider the transition.
  • Unlike in the past, climate action no longer comes with a first-mover disadvantage tag.
• Continued commitment to Paris Climate Change:
  • For E.g. India has increased renewable energy generation capacity from 175 GW to 450 GW, restoring 24 million hectares of degraded land, or shutting down 10 GW of coal-powered plants.
• Alleviating Poverty: India is a low, middle-income country with considerable developmental deficits.
  • Since most of India’s infrastructure is yet to be built, it has the opportunity to develop in a manner that mitigates the vulnerabilities to climate change, create new economic opportunities, and protect the ecosystems that sustain human life.

Way Forward:

• Announcing Net Zero Emission target: help unlock financial investments, promote innovations and provide direction to make this transformation a reality. 
  • It is in the enlightened self-interest of countries to take measures that will allow them to compete efficiently and effectively in a low-carbon economy.
• Address the needs of poor countries: As a major economy and developing country, India can ensure that the standards, practices and global policies being developed reflect the concerns and address the needs of poor countries.

Conclusion: If India is serious about growing its economy, improving the lives of its people, having a global presence, it needs to step up and begin the hard work of transitioning to a low-carbon economy.