|Introduction: Contextual introduction.|
Body: Explain some global efforts for Green growth. Also write trend of deglobalization.
Conclusion: Write a way forward.
Green growth is not a replacement for sustainable development. Rather, it provides a practical and flexible approach for achieving concrete, measurable progress across its economic and environmental pillars, while taking full account of the social consequences of greening the growth dynamic of economies.
Global efforts for Green growth:
- Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment and that India was moving towards the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition.
- Green Climate Fund is the financial mechanism of the UNFCCC, established in 2010. India has been pushing for rich countries to meet their Paris Accord climate finance commitment of USD 100 billion per year.
- India and the UK announce joint UK-India Fund, namely a Green Growth Equity Fund. It aims to leverage private sector investment from the City of London to invest in Green Infrastructure Projects in India.
- Japan also has started “Green Growth Strategy Through Achieving Carbon Neutrality in 2050”.
- Singapore and Australia signed the Singapore-Australia Green Economy Agreement (“SAGEA”) “to boost cooperation on climate investment, financing and technology.
Trend of deglobalization:
- After pandemic every country is diligently encouraging investment in manufacturing. Each country wants to have security of supply of all things.
- Deglobalization will also hinder the production, investment, and innovation needed to replace carbon-intensive production processes with climate-friendly ones. E.g. refining of key inputs for batteries – lithium, nickel, and cobalt is done in China and Russia.
- Rising concerns about energy security and fossil fuel pricing volatility have also heightened interest in domestic renewables.
- Rising geopolitical rivalries will make mitigation agreements more difficult. E.g. China and the United States.
- EU has agreed to the world’s first Carbon Border Adjustment Mechanism (CBAM) to prevent “carbon leakage” but it is not about the climate, but about protectionism.
Global diversification, by contrast, would bring greater resilience. The green transition is a global challenge, it still needs a globalised approach — one that complements local and regional solutions.