Prof. Lord Nicholas Stern, IG Patel Professor of Economics and Government and Chair, Grantham Research Institute, London School of Economics reiterated Prime Minister Narendra Modi’s five-point agenda, the Panchamrit at COP26, and stated that India’s commitments to climate change depict a strong sense of urgency and scale and reflect a story of opportunities in renewable electricity capacity for green growth.
He said that India has a great opportunity in terms of strong urbanisation as 80% of the infrastructure is yet to be built by 2050. He was speaking at the virtual session on Enabling Policies for Green Growth and Green Jobs at the Global Economic Policy Summit 2021of the Confederation of Indian Industry (CII) on 18 November 2021.
Prof. Stern also highlighted the significant role of greening the industry, building resilience and efficient utilisation of natural capital. Bringing to light the importance of climate justice in building new economies, he said that there is an obligation from rich nations to facilitate change and flows of low-cost finance.
He further said, ‘Institutional reforms form a big part of generating investments. From a macro-economic point of view, India will need to review organisation of energy systems and focus on private sector collaborations to reduce, manage, and share risks. For this, India’s flow of public finances and the nature of investments with a focus on resilience will be crucial in this decade.’
Mr. T V Narendran, President, CII, and CEO & Managing Director, Tata Steel Limited, said that while the pandemic had catastrophic effects on growth and jobs across the world, it has underscored the ecological impact of economic activities and the significance of living in harmony with nature. Citing the recent report of the Intergovernmental Panel on Climate Change (IPCC), he said that strategies and goals for economic growth and job creation must be synchronised with the goals of being green and environmentally sustainable.
Expressing the need for strong, rapid and sustained reduction in GHG emissions, he stated, ‘Many countries have already started including measures directed at supporting the transition to greener economies as part of the recovery programmes. At least 30 OECD and key partner countries have taken measures to move towards green transportation, circular economy and clean energy research to stimulate economic activities.’
18 November 2021