With 45 years remaining for India to meet its commitment to achieving net-zero carbon emissions by 2070, Nageswaran spoke about the complex challenge of balancing robust economic growth with the urgent need for environmental sustainability

Delivering the keynote address at the Indian Venture and Alternate Capital Association (IVCA’s) GreenReturns Summit, Chief Economic Adviser to the Government of India, V Anantha Nageswaran offered valuable insights into India’s ambitious climate mitigation journey and the fiscal strategies underpinning its success.

Organised by India’s apex industry body for alternative assets, the  IVCA, the IVCA GreenReturns Summit is a pivotal gathering aimed at addressing climate financing and driving actionable solutions for a sustainable future. It brings together policymakers, investors, and sustainability leaders to explore innovative financing mechanisms.

Emphasising on the investment areas, Nageswaran said, “We all know about the issue of intermittency. The investment shouldn’t focus on setting up solar power plants or wind energy plants as we need to take into consideration the increasing cost of recycling solar panel waste and wind turbine waste. That is an area to invest in. The other areas to invest in is the area of grid capabilities and technologies which will be able to withstand the intermittency of supplies from these renewable energy sources.”

He further added, “India’s potential GDP growth is in the range of 6.5-7 per cent and we should be able to achieve it on the back of things that we have done already in the last 10 years—whether it is in terms of augmenting the physical infrastructure or achieving financial inclusion.”

With 45 years remaining for India to meet its commitment to achieving net-zero carbon emissions by 2070, Nageswaran spoke about the complex challenge of balancing robust economic growth with the urgent need for environmental sustainability. He also shared the current strategies and steps and urged for a collaborative approach. The summit showcases India’s role in leading the global climate agenda by mobilising capital for sustainable sectors and accelerating India’s transition to net-zero emissions by 2070, a target that requires overcoming a significant financing gap of USD 3.5 trillion.