India's GDP will be rising by USD 406 billion than the reference scenario by 2050 and more than 43 million jobs that will be created, as the Asia's third-largest economy leaps towards a net-zero target, according to a report by Observer Research Foundation (ORF).
In the reference pathway, the Indian economy grows at a long-term compound annual growth rate of around five percent between 2020 to 2050, reaching approximately US$15 trillion (in 2018 dollars), the report has stated.
At the 2021 Climate Change Conference, also known as COP26, Prime Minister Narendra Modi outlined a net-zero emissions target by 2070 for India. Also, India is targeting to increase its low-carbon power capacity to 500 gigawatts (GW) by 2030, and meet 50 per cent of its energy requirements from renewable energy by 2030.
"India's net-zero carbon emissions target of 2070 is momentous and praiseworthy, but highly ambitious to say the least," an ORF statement said.
Structural changes and accelerants required to steer this transformation while balancing the twin goals of sustainability and development are detailed in the report 'Shaping Our Green Future: Pathways and Policies for a Net-Zero Transformation'.
The report, ORF said, is a compendium of essays that offers possible solutions to several pressing questions and aims to provide a roadmap for India's transition to a decarbonised and green economy.