Speeding Up Net-Zero Goal Could Add 7% to India GDP, Report Says
- India needs $13.5 trillion to accelerate net zero goal to 2050
- Speeding up the timeline could help save $165 billion
Photovoltaic panels at a solar farm in Pavagada, Karnataka, India.
Photographer: Dhiraj Singh/BloombergIndia could add as much as 7.3% to its gross domestic product and create 20 million jobs by 2032 if it moves up the timeline to achieve net zero emissions two decades ahead of its stated target of 2070, according to a new report.
Yet, a faster transition will mean the South Asian nation will need $13.5 trillion in economy-wide investments compared to the $10.1 trillion it will cost to make the shift by 2070, according to a report by the New York-based Asia Society Policy Institute that used economic modeling by Cambridge Econometrics. Former Australian Prime Minister Kevin Rudd, Former UN Secretary General Ban Ki-Moon and Vivek Pathak, head of climate business for the IFC, released the report in New Delhi on Friday ahead of meetings with India’s power and foreign ministers.