NET-ZERO TARGET: INDIA AMONG 5 MAJOR GLOBAL ECONOMIES

In the last few yrs, India has increased invest in the e-vehicle industry, and renewable energy sector

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India’s starting standing in the pursuit of ‘NetZero’ is not comparable to the fiscal capabilities of four major economies - the US, EU, China, and Japan - a report highlights its unique potential to strategically position itself in the emerging industrial era.

The latest report, titled ‘Competing in the Emerging Zero-Carbon Industrial Era’ by the think tank Strategic Perspectives, assesses the zero-carbon technologies performance of five major economies: US, China, EU, India, and Japan. It shows that the net-zero policies have significantly enhanced competitiveness, bolstered energy security and set the stage for future economic prosperity. The report also points out a few positive development points that show that India is on the right path in the race to zero-carbon technologies. According to the report, the first point is that “India is among the few nations that are on track to meet its nationally determined contribution target; however, it will need to invest $12.7 trillion to reach net zero emissions by 2050. India remains one of the fastest-growing major economies, especially as China’s post-pandemic recovery has slowed and India has become the 5th largest economy in the globe.”

“India is making progress in incorporating solar and wind into its electricity generation, almost doubling its share from 2017 figures (5 per cent to 9 per cent),” it added.