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Home Economy

Time to adopt a coordinated approach for decarbonization of the economy

This article talks about long-term planning in the economy, which must be changed and the introduction of autonomous, independent agencies also need to be introduced.

Nashra Siddiqui by Nashra Siddiqui
March 10, 2022
in Economy
Reading Time: 2 mins read
Time to adopt a coordinated approach for decarbonization of the economy
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Table of Contents
  • Introduction
  • Conclusion

Introduction

The recent climate meeting gave voice to International leaders to come up and express their views regarding the energy sector and the reduction of carbon.

The Prime Minister of India, in his speech, has promised to achieve net target emissions by 2070. It has highlighted the importance of planning long-term goals for decarbonizing the economy. India has done fairly well in the energy sector in the renewable energy source and has managed to enhance the targets for renewable energy. With these small steps, India would be able to fulfil its promise made at the Paris Agreement Commitment for 2030.

However, the road ahead is challenging and there requires being a planned strategy and planning for decarbonizing the economy with full efficiency and effectiveness.

Time to adopt a coordinated approach for decarbonization of the economy
image source: businessgreen

Changes in the planning are required to meet the new tasks. There are going to be many changes in the technology, economy ahead and environmental conditions. For longer goals to be achieved, it needs to be broken into short-term goals. In any long-term goal, the short-term goal can be achieved seeing the unforeseen conditions as well. There requires being a check and monitoring on the strategies.

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Time to adopt a coordinated approach for decarbonization of the economy
image source: dailytimes

For monitoring the implementation of various policies and ideas, an autonomous and self-regulatory body like a Climate Change Body set up by the UK should be introduced to help engage the changes to need in the policies for the preservation of eco the system. The members selected for the team should be an expert in their respective fields and possess a variety of opinions.

A variety of opinions would provide a chance for better discussion, as different ideas could be used for the implementation of the same. The committee should inform the government about its own policies and ideas. The committees along with the Government should monitor the long goals as well as the short-term ones. Annual reports and progress in each sector need to be monitored closely.

The short-term target announced by the PM is mainly related to the power sector that has to achieve 2030. It is the most accurate step because the power sector is the biggest source of GHG. The four other interrelated goals to be achieved by 2030 are — generating capacity of the none fuel substances needs to be 500 GW;  RE capacity percentage needs to be 50 per cent of all generation capacity;  reduction in the percentage of emission intensity by 45 per cent, and avoidance of GHG emissions by 1 billion tonnes.

This is indeed a good step because it will set a limit for permissible emission intensity in terms of grams of Carbon dioxide emission equivalent and also reduce the emission intensity many folds.

Time to adopt a coordinated approach for decarbonization of the economy
imagesource :forbes

Conclusion

These short-term and long-term goals when introduced by the government would help in reducing down the climatic damage and help the clean environment flourish. The short-term goals can help the economy flourish effectively, smoothly and continuously and later the economy would itself change by 2070.

 

Also Read:  “We have been misled”- Director, Future Retail Limited

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