India will require an economy-wide investment of $10.1 trillion from now if it is to achieve its net-zero emissions target by 2070, according to a report released by former Australian prime minister Kevin Rudd and others in New Delhi on Friday.
According to the ‘Getting India to Net Zero’ report, the investment required will be $13.5 trillion if the target is to be met by 2050. The report also says achieving net-zero by 2070 would boost annual GDP by up to 4.7% by 2036 and create as many as 15 million new jobs by 2047.
The report was released by Rudd, also the president of Asia Society Policy Institute,, former UN Secretary-General and Global Green Growth Institute President & Chair Ban Ki-moon, International Finance Corporation’s Head and Director of Climate Business, Vivek Pathak and former Indian foreign secretary Shyam Saran.
India’s Nationally Determined Contribution (NDC) targets set in 2015 are likely to be met early within the next few years through current policies, says the report.
The report said India could peak in emissions as soon as 2030.
“Further policies, especially to boost renewables and electrification, could make net zero possible by mid-century. Ending new coal by 2023 and transitioning from unabated coal power by 2040 would be particularly impactful for reaching net zero emissions closer to mid-century,” it says.
On his visit to India, Rudd will meet Foreign Minister S Jaishankar, Environment Minister Bhupender Yadav and Renewable Energy Minister R K Singh.
“Reaching net zero by 2050 would lead to greater benefits, increasing India’s GDP by up to 7.3% and creating 20 million new jobs by 2032. The independent commission is about getting India, China, Indonesia to Net Zero. But as a pragmatic, I think it would be unjust to do this at the cost of development of some of these nations. So, the matter of equity needs to be considered. Also we need to accept and understand that the historical responsibility of emissions and climate change does lie with the West – and the transfer of finance and technology to developing countries is crucial in this challenge,” said Rudd.