Three steps to net-zero: Legislation, emissions trading, capital mobilization
Viksit Bharat. This approach will strengthen India’s global competitiveness by driving rapid decarbonization and digitization across the entire economy. This can help India leapfrog to the global production frontier and enable us to compete successfully with the world’s leading economies such as the US and China.
On the other hand, it will also significantly accelerate our net-zero policies, dramatically increase private sector investments and, consequently, generate millions of incremental green jobs. To that end, there are three major structural reforms that could be undertaken to establish a Green Frontier decarbonization trajectory: (1) implement a legal framework to enforce net-zero targets; (2) roll out a comprehensive emissions trading scheme; and (3) establish and scale up a large Green Bank in Gift City. These three structural reforms complement each other and should be implemented in a synchronized manner.
National Net Zero legislation is one of the most important structural reforms for a green frontier development model. I had introduced India’s first net-zero legislation in the Lok Sabha as a Private Member Bill in 2021. Such legislation is required urgently since it provides a consistent framework within which States, companies, financial institutions civil society, other stakeholders, and the public at large, can align their efforts.
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