New Delhi : Rating Moody's has given a statement regarding India on Thursday. In which it is being said that India has rapidly increased its renewable energy capacity. Also, with increase in population, demand for carbon rich products may also increase.
Along with this, Moody's Ratings said that India will be among the fastest growing economies of the world with a gross domestic product (GDP) growth rate of 7.2 percent in the year 2024 and 6.6 percent in the year 2025. The country is likely to continue at a similar high growth rate in the next 10 years. Moody's has said in its report titled 'Carbon Transformation – India' that India's energy needs will also increase with the increase in population and industrialization.
will increase greenhouse gas emissions
The report says the government's ability to attract private investment and deal with the negative impacts of carbon reduction, such as job losses in legacy industries, will determine India's credit risk for carbon transition and social risk. whether it moves forward or not. India has committed to achieving net zero emissions by 2070 and has made some achievements towards the interim target of 2030. But the country's rapidly growing economy will continue to increase greenhouse gas emissions.
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World's third largest greenhouse gas emitter
Moody's reported that India was the world's third-largest greenhouse gas emitter by 2022, but its per capita emissions are still much lower than other major economies. India has expanded its renewable energy capacity on the back of strong policy support and private sector investment. But the pace of carbon reduction in transportation and the broader economy has been slow. To speed up this change, the government is planning to introduce a mandatory emissions trading system.
Social risk
Moody's says India has high credit risk due to environmental risks such as rising temperatures, water scarcity and pollution. Additionally, India is also highly vulnerable to social risks due to income inequality, health and safety concerns and limited access to basic services.
(with agency input)
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