India gradually facing a lots of Air Pollution problem from Industrial and Automobile sectors which are the backbone to the Nation. India’s climate policy establishment is engaged in an intense debate on a key policy question which will determine the future development and environmental trajectory of the nation. Now the big question is should India join the elite club of nations that have announced a net zero emission target by the mid-century in the run up to the UN climate change conference (COP 26)?
Well, the formal and direct answer is yes, India should adopt the net-zero emission target like others. It will lead to simultaneous attainment of net-zero emission and economic growth. Some temporary challenges may arise, but they can be tackled with robust policy measures.
In UN climate change conference (COP 26), recently 58 countries have made a commitment to attain net-zero emission by 2050. They currently emit more than 50% of Greenhouse gases (GHGs). So, being a responsible nation, India also needs to adopt a net-zero emission target. It is a state in which GHGs emitted by a country is balanced by absorption of GHGs using advanced technologies or planting trees.
IEA (International Energy Agency) findings indicate that the majority of India’s future emissions are supposed to come from things that are yet to be made. This includes transport infrastructure, buildings, industry, etc. Therefore, adopting net-zero emissions will give the country an opportunity to build a cleaner economy. However, India did not adopt a net-zero emissions target due to its goals related to economic growth.
The net-zero policy would lead to significant fuel savings and dramatically reduce the country’s crude oil import bill in the long run. The catch is that 25 per cent of the Centre’s tax revenue comes from the energy sector, so weaning away from fossil fuels will also deplete the government’s coffers.
One way to offset this loss is through a carbon tax on industry, slowly phased in from a small amount roughly equivalent to the existing coal cess (or GST compensation cess) to reach Rs 2,500 per tonne of carbon dioxide by the middle of the century.
Strong environmental policies can create prosperity and well-being. With imaginative policies, robust institutions, and international finance, India will be able to declare its freedom from polluting fossil fuels in the hundredth year of its independence.