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India must use markets to decarbonise

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Climate change is bound to impact human lives and the global economy at an exceptionally high scale in the not-so-distant future. The last Conference of Parties (CoP-26) of the UNFCCC held at Glasgow in November 2021 witnessed considerable inertia from several partner countries in committing to concrete action plans to contain global warming under the threshold of 1.5 degrees Celsius. After China and the United States, India, which releases 2.44 billion tonnes of carbon dioxide annually, is the third-largest emitter of this GHG, making it a key player in emissions reduction.

Economic growth is inextricably connected with energy consumption. The International Energy Agency’s (IEA) World Energy Outlook 2017 Report estimates that India will account for nearly one-fourth of the global energy demand by 2040. Achieving economic growth sustainably requires a strategy for reducing carbon emissions aggressively while also focusing on efficiency, equity,…

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