Mobilising Just Transition Finance Towards India’s Sustainable Net Zero Future

Mobilising Just Transition Finance Towards India’s Sustainable Net Zero Future
Mobilising Just Transition Finance Towards India’s Sustainable Net Zero Future

Countries world over have recognised the risks of global warming and are committing to transition towards a sustainable, net-zero future. India too has adopted the target of achieving net carbon emissions by 2070 and is progressively undertaking policy and fi scal measures to support net zero with highly ambitious sectoral targets. However, as India embarks to decarbonise its economy at a rapid pace and scale, some workers and communities may lose out as the emissionintensive industries either reduce their operations, or old supply chains become inefficient, and are replaced with new ones. New jobs and opportunities will emerge in place of old ones, but they may not transpire at the same time, sector, place or require the same skill sets as in the case of the jobs and opportunities lost. Moreover, unless women, youth and other vulnerable communities are intentionally made a part of the transition, policies and initiatives set in place to facilitate the transition may fail to represent their interests. Curtailing these distributional, recognitional and other equity challenges of energy shifts and safeguarding those who are vulnerable to them will be necessary to ensure that no one is left behind and that India’s transition is a just energy transition.

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