New Delhi, Jan 31 Prioritising investment in extensive grid infrastructure is crucial to achieve net zero emissions by 2070, the Economic Survey 2024-25, tabled in Parliament on Friday by Union Finance Minister Nirmala Sitharaman, suggested.
The Survey noted that despite having a very low per capita carbon emission, India is on a development pathway. This not only ensures affordable energy security but also job creation, economic growth, and ultimately environmental sustainability.
"To achieve the goal of net zero emissions by 2070, India will need to prioritise investment in extensive grid infrastructure improvements," it said.
It also urged to "secure sourcing of critical minerals necessary for this transformative shift".
Further, the Survey highlights the need for vertical gardens, also called living walls or vertical greenery systems (VGS) to fight the urban heat island effect, increasing carbon emissions, and heightened air pollution, caused by rapid urbanisation.
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Importantly, the Survey noted that India is inching closer to its Nationally Determined Contributions (NDC) targets.
Till November 30, 2024, "the installed electricity generation capacity of 2,13,701 megawatts from non-fossil fuel sources, accounts for 46.8 per cent of the total capacity", the Survey said.
This will pave the way "to achieve the updated NDC target of reaching 50 per cent by 2030. An additional carbon sink of 2.29 billion tonnes carbon dioxide (C02) equivalent has also been created between 2005 and 2023 against the NDC target of 2.5 to 3 billion tonnes by 2030", it added.
Meanwhile, the Survey highlights the importance of a fundamental shift required in mindset and behaviour toward mindful consumption and production to achieve a net zero carbon emissions goal. The India-led global movement, Lifestyle for Environment (LiFE), works towards this.
“LiFE aims to enhance the country’s sustainability efforts by encouraging environmentally friendly practices such as waste management, resource conservation, and recycling,” the Survey said, noting that it also aims to promote a circular economy.
"The proactive implementation of LiFE measures can yield substantial co-benefits, including reducing inequalities in energy consumption, mitigating air pollution, achieving cost savings, and enhancing overall well-being and health," it added.
These measures, which will enable to reduction in consumption and lower prices, are projected to save consumers around $440 billion globally by 2030.
The Survey stressed the need for a comprehensive awareness campaign to transform the LiFE mission into a widespread public movement.
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