Global trade spats could derail India's 2070 net-zero goals: Economic Survey 2024
Budget with ET
Budget must find a fix for a crisis before it's too late
Is India about to add more 'castes' in one day?
Will Sitharaman give middle-class consumers some respite from price pain?
The report, prepared under the guidance of the Chief Economic Advisor to the Finance Ministry, cautions that trade conflicts between major economies—China, the United States, the European Union, and other G7 nations—could disrupt the supply and cost of crucial green technologies.
Such disruptions could hinder global efforts to reduce emissions and could have significant repercussions for countries like India, which rely on imported clean energy technologies to meet their renewable energy targets. India's energy transition is closely tied to global trends, meaning that any tensions in international markets could not only delay but also escalate the cost of India’s green shift.
These major economies, which collectively account for over 50% of global greenhouse gas emissions, have committed to achieving net-zero emissions by 2050. They are also highly interdependent in the trade of critical environmental goods and technologies, such as solar panels, wind turbines, and electric vehicles.
«China, the United States, the EU, and other G7 economies produce more than 50 per cent of global greenhouse gas emissions. All have target dates of 2050 to reach net-zero emissions. These economies depend heavily on each other in the trade of environmental goods and technologies central to developing renewable energy and reducing emissions.
