. India has slowly begun to realise pollution is not only causing environmental degradation but it is also a fundamental threat to growth and development. • If not taken seriously and contained, it will have a deep impact on the economy.
There is an inevitable demand for clean technologies. Major developments in clean energy technology have paved the way for business opportunities from the ‘green economy transition’. Countries that upskill appropriately and create industries to manufacture it has much to gain. They can accumulate value from the export of clean technologies and gain access to international markets.
China has already positioned itself as the world’s leading exporter of affordable photovoltaic cells. Europe is innovating in wind and Japan and the USA are giving out patents in electrical vehicles. Countries mastering green technology early have a comparative advantage over others in the green market of goods / services.
Transition towards Green Technology
- India is currently planning on one of the largest green energy projects that will generate 20,000 megawatts (MW) of solar power and 3,000 MW from wind farms.
- Green technology is not cheaper but is labour-intensive. This is a boon for India as it will create employment opportunities for our abundant labour force.
- The more we use green technology, the more it will expand our base for employment leading to economic development in the long run.
- By the adoption of green technologies, global warming and our dependence on nonrenewable sources of energy has been reduced gradually.
- This will be a win-win situation for India in terms of both environmental sustainability and economic development.
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