In its latest research report, the World Economic Forum has propagated that a Green New Deal for India could represent upwards of a $15 trillion economic opportunity by 2070 & that it has the potential to create more than 50 million net new jobs.
In its report Mission 2070: A Green New Deal for a Net Zero India, the WEF in collaboration with Kearney and Observer Research Foundation has said that $1 trillion of the opportunity can materialise within this decade if ‘concerted action’ is put in place. In its white paper, the WEF argues that if the drivers and enablers of growth it outlines are kept in mind, India can leverage green growth to add $1 trillion to GDP by 2030 – and as much as $15 trillion by 2070.
The paper notes that in India, the current per capita emissions are low even as its growing population, which is projected to surpass that of China’s in 2025, is projected to contribute considerably greater towards emissions in the future. As per some projections, India’s GDP may grow well above the world average between 2013 and 2040, at about 6.5% per annum. The paper says that energy consumption and emissions may see a spike if this growth is powered by an increased manufacturing base as well as higher demand in consumption.