NITI Aayog, the Indian government's premier policy think tank, is actively charting India's course towards becoming a 'Viksit Bharat' (Developed India) by 2047 while simultaneously achieving net-zero carbon emissions by 2070. Recent discussions and initiatives highlight the complexities and strategies involved in harmonizing these ambitious goals.
Research and Policy Initiatives
NITI Aayog has unveiled a new research series titled “India's Pathways to Viksit Bharat and Net Zero,” which outlines strategies for India's transition to a developed economy alongside its climate commitments. These reports delve into the policy, technology, and institutional reforms essential for achieving long-term economic growth while progressing towards net-zero carbon emissions. Recognizing the need for sector-specific strategies, NITI Aayog has also released reports on decarbonization roadmaps for the cement, aluminum, and MSME sectors, prepared in consultation with various stakeholders. These reports emphasize the importance of transitioning to renewable energy, adopting carbon capture technologies, and effectively implementing carbon credit trading schemes.
Investment and Financial Strategies
Achieving net-zero emissions by 2070 requires massive investments in green energy. NITI Aayog estimates that India needs $21 trillion to reach this goal, with $7 trillion yet to be mobilized. To address this, NITI Aayog is working on policy and investment strategies, focusing on key sectors like power, transport, industry, and construction. The Aayog is also assessing funding gaps and exploring avenues for external support. NITI Aayog has suggested setting up a National Green Financing Institute to mobilize $100 billion annually by building capacity to attract and absorb climate investment.
Key Challenges and Way Forward
Several challenges need to be addressed to ensure a smooth transition. These include the weak business case for new technologies like carbon capture, green hydrogen, and green ammonia, as well as the need for long-term financing. NITI Aayog has proposed establishing a Low Carbon Development Commission to guide policy and coordinate multi-ministry efforts on climate action and energy transition. This commission would develop bankable project pipelines for mitigation and adaptation, while also working to attract climate investments.
Broader Vision of Viksit Bharat
The Viksit Bharat vision encompasses more than just economic development and environmental sustainability. It includes ensuring quality education and healthcare for all citizens, establishing transparent and efficient governance systems, and making India a global leader in technology and innovation. Empowering youth, the poor, women, and farmers are identified as key pillars of this initiative.
NITI Aayog plays a crucial role in aligning India's economic aspirations with its climate commitments. By developing comprehensive strategies, promoting policy coordination, and mobilizing investments, the Aayog is guiding India towards a sustainable and prosperous future. The focus on integrating new technologies, promoting renewable energy, and fostering international collaboration will be crucial in achieving the Viksit Bharat and net-zero goals.