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LATEST NEWS UPDATES | Profound changes -Renu Kohli

Profound changes -Renu Kohli

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published Published on Nov 16, 2021   modified Modified on Nov 16, 2021

-The Telegraph

Risks and rewards of a green transition

At the CoP26 in Glasgow, India pledged to net-zero carbon emissions by 2070, with specific commitments at a shorter horizon to obtain half its energy from renewables and lower the carbon intensity of the economy by at least 45 per cent from 2005 levels as well as the total projected carbon emissions by one billion tonnes by 2030. The commitment to a low-carbon future is commendable, more so because of our long-standing demand for climate justice and fears that faster decarbonization could extract a growth sacrifice, holding back advancing the living standards of a large population. The decision is beneficial from global and domestic perspectives for climate change knows no borders while for ourselves, the environmental, health and economic gains due to rapid technological progress increasingly outweigh the mounting costs of climate extremities.

The transition to net-zero will be a structural economic transformation of gigantic proportions in the forthcoming decades. Production, consumption, institutions, markets, macroeconomic variables and policies, which are deeply intertwined with fossil fuels — coal, oil and gas — will reorganize towards cleaner fuels, industrial processes and consumption patterns. Such profound shifts will impact all aspects of economic life. Some sectors, segments and industries will shrink or disappear over time, replaced by new green ones; others will transform or adapt. Because shifts in technologies change relative costs and prices and the returns to investments, macroeconomic variables, such as inflation, exchange rate, fiscal and external accounts, will also be impacted, resetting the related policies in accordance.

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The Telegraph, 16 November, 2021, https://www.telegraphindia.com/opinion/at-the-cop26-in-glasgow-india-pledged-to-net-zero-carbon-emissions-by-2070/cid/1839045


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