CLIMATE CHANGE.

TIME TO TAKE GREEN ECONOMY SERIOUSLY!

Finance definitely plays a huge role in the natural hazards we see today. If the capital is invested with the company who exploit the natural resources of our earth to make their own profits, then we are bound to experience the rising level of the ocean, wildfires, floods, rising temperature of the earth as the years go by. Ideally such investments should be banned but its not so easy due to many political and economic reasons. Unfortunately, these investments only bring heavy profits to the companies.

GREEN TRANSITIONS.

How wonderful would it be to live in a world where the farm grows nutritious food and raise healthy livestock without harming the environment? Where every village and city are powered by clean energy?? Green transition in a way gives us a hope for future of sustainable growth.

Electric mobility has now become a trend and is also in demand. Solar and onshore winds have become the cheapest way to produce energy in most countries. Also, some countries are producing their most of their daily energy needs from renewable sources. Renewable energy sector will also help in providing jobs globally.

THE DELHI PLAN.

The center had prepared the National Action Plan on Climate Change (NAPCC) in 2009 and asked other states to prepare their own plans. Delhi was the last to submit the plan in 2019. The plan was only written and barely executed. The plan expired on 2020 and now they are working on a new plan. The later plan focused on six major areas like, energy, transport, green cover and urban development, and projected a significant decrease in cold days and nights and increase in heavy rainfall events in Delhi.

Rs 20 lakh will be invested in the Union Environment Ministry for the creation of the plan. A German agency will possibly be consulted as a knowledge partner. All extreme weather events are being analyzed and studies on the past 10 years to prepare the plan where the key focus would be on air pollutions, heat islands, agriculture patterns, renewable energy etc. All these weather conditions are expected to be solved in the next 10 years. The consultation with the stakeholders will be completed in 2 years unlike the previous plan where it went on for 8 years. The plan is expected to be implemented by this year end.

$11 TRILLION OPPORTUNITY FOR INDIA.

According to a report of Deloitte Economics Institute “India’s turning point”, India could gain $11 trillion in economic value by limiting rising global temperature and realizing its potential to export decarbonization to the world. Along with foreign and domestic investment, India should also align with climate changes. If no action is taken on climate change, the average global temperature can rise by 3 degree Celsius making it harder for people to work.

As per the report, it is possible for the top industries (services, manufacturing, tourism, retail, transport) which adds more than 80% of India’s GDP will be affected immensely, resulting to incur climate related loss in next 50 years.

Viral Thakker, from Deloitte India says that, India being a home to many valuable enterprises can help in playing a lead role to transform the worlds economies towards new, low- emission pathways.

FINANCING INDIA’S GREEN FUTURE.

Prime Minister Narendra Modi has always taken climate change into consideration but this year he focused on the green future of India in his Independence speech. He mentioned of recently launched National Hydrogen Mission, equitable and decentralized model of solar energy generation and electrification of India’s massive rail system. The Prime Minister called Mahatma Gandhi as one of the greatest environment champions. "If humanity had followed the path laid down by him, we would not face many of the problems we do today. While all the plans and talks are arranged for India green future, none of it would be possible without huge funding and investing in the green India projects. India is doing an amazing job in reducing 33-35% emission intensity of 2005 (GDP) before 2030 under Paris Commitment. To continue in this pathway India requires enormous financing. According to the International Energy Association (IEA) India requires $1.4 trillion over the next two decades in financing green energy technologies alone.

In short, the whole world including India is now focusing on the green world, as its high time that our earth has been sending us signals. India is diligently working for a green future, now all we have to do is be consistent with the work and be patient in this long way for the green future we all deserve to live in.