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Joe Biden has committed to reduce US greenhouse gas emissions by 50-52% from its 2005 levels by 2030, en route to achieving net zero greenhouse gas emissions by 2050. The US commitment, along with the legally binding targets set by the UK and the EU, signal a radical transformation of the global economy, technologies, associated jobs and geopolitics. India must play a proactive role as a willing and capable partner in this process, instead of playing either victim or catch-up.
Achieving these targets will call for radical decarbonisation of the energy sector, significant changes to urban planning to reduce commutes, investments in public transport, changes to architectural design and building material use, better ways to heat and cool buildings, and switching away from fossil fuels for personal mobility. This transition will change the global energy map completely. It will alter the relationship with West Asia, and as the energy choices tilt to the clean and renewable, open up opportunities for partnerships. Even as the Indo-Pacific gets entrenched as the primary site of strategic rivalry, combating climate change will necessitate cooperation between America and China in a number of areas. Oil- and gas-dependent Russia will be forced to innovate. India can be a proactive partner in all these developing areas. The India-US climate and clean energy agenda 2030 announced by Narendra Modi at the Earth Day Leaders Summit on Climate is an example of the emerging partnerships.
Every segment of the economy and trade, and not just energy, will be altered. This radical transformation will present difficult choices, but India must recognise this transition presents an opportunity for growth at the cutting edge.
Courtesy - The Economic Times.
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