Medium-term strategy for transitioning to net zero by 2070 - Hindustan Times

This paper assesses the feasibility of India achieving its stated goal of net zero by 2070 and presents a medium-term strategy for what would be required over the next decade to achieve this objective. It advocates a combination of price-based measures, such as an Emissions Trading System (ETS), and sector-specific interventions to facilitate the transition. The key elements over the next ten years would be (i) the design of the ETS, (ii) the pace of expansion of renewable energy (RE) capacity, (iii) the electrification of transport, and (iv) the shift to energy efficient systems, such as from private to public transport and from road to rail for freight. The paper also estimates that the additional investment needed to make this transition will be about 2% of India’s Gross Domestic Product by 2030, much of which will have to come from additional public and private savings. In this context, some form of carbon pricing would help generate additional revenue. A major challenge is that action will need to be taken across several areas, with responsibilities divided among different ministries in the central government and, in many cases, with state governments. An internally consistent and cost-effective strategy can only be developed through close consultation between the different actors, and this will require the establishment of a high-level commission chaired by the Prime Minister. As some of the actions needed are also politically difficult, it will be necessary to build a broad political consensus on the need for change. This would be facilitated if the strategy were discussed and endorsed by a high-level Centre-states forum. A subset of the targets in such a strategy could become India’s new Nationally Determined Contributions (NDCs) to be submitted to the UN Framework Convention on Climate Change (UNFCCC) in 2025.



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