“New climate goals hard to achieve without compromise economic goals, $5 trillion economy”: Report

In 2019, Modi plans to make India a $5 trillion economy and global power by 2024-25

According to global forecasting firm Oxford Economics, India’s new climate goals will be difficult to achieve without significantly impacting the stated economic goals and ambitions of becoming a $5 trillion economy by the end of the year. 2024-25, according to global forecasting firm Oxford Economics. It added that India’s commitment to achieve ”zero” emissions by 2070 is admirable, but the path announced by Prime Minister Narendra Modi at COP26 to that target is ambitious. hope.

“We think the new climate targets will be difficult to achieve without significantly impacting India’s stated economic goals and ambitions to become a $5 trillion economy by 2024/25. Indeed, that may not even be possible,” said Oxford Economics.

In 2019, Modi plans to make India a $5 trillion economy and global power by 2024-25. Last month, the Prime Minister announced a bold pledge that India would achieve net zero carbon emissions by 2070 and asserted that it was the only country making commitments to tackle climate change. climate change under the Paris Agreement “in writing and in spirit”.

Funding for the transition will also be a major challenge, according to Oxford Economics. “Studies identify an investment bill of around $200 billion per year in the years 2020 and 2030 for India to become net zero by 2070. Spending requirements gradually increase as low-cost technologies evolve exhausted,” it said.

Zero net emissions means the world is not adding new emissions to the atmosphere. With capital from advanced economies likely to be disappointing, Oxford Economics notes that India will rely on private investment to fill the gap between domestic resources and requirements.

“The dismal record on foreign investment in infrastructure projects does not bode well in this regard,” it said. The global forecasting firm suggests that given these issues, “we think India’s net zero timeline will need to be revisited. We maintain our fundamental view on emissions. India’s carbon starts to peak in the late 2040s.” Oxford Economics also notes that India’s decarbonization plan is not heavily focused on decarbonization strategies.