New Delhi: A new focus in India on the green economy recovery of Covid-19 will create more work, spur long-term growth, and save lives, a new report from the Children’s Investment Funding Foundation, the economic recovery project of Oxford University, and Vivid Economics found.
Investigating two other countries with large domestic coal production other than India, Poland and China, report models of how more green steps, especially reforestation and make buildings more energy efficient, can produce better economic results.
For all countries, this report provides public roadmaps for policy makers to design and pursue green recovery from the economic crisis.
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Brian O’Callaghan, the main researcher and economic recovery project project manager of the University of Oxford, said: “The government’s response to Covid-19 has the potential to significantly affect the course of climate change.
“Our research shows that public investment in green initiatives can provide a strong economic refund, and if it is well targeted, overcome social inequality and create a cleaner natural environment.
This is especially true during the period of economic downturn in which employment creation and economic rejuvenation are very important.
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Corina Campian, Project Lead at the Children’s Investment Foundation, said: “Low carbon world will help secure a healthy and prosperous future for children today.
Evidence for these are the numbers provided in this report, showing impacts Green recovery investment can have in climate, health and work.
This cross-sectoral impact is not possible.
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Beyond its economic profits, a greener recovery from a pandemic will also save life through improving air quality.
The researchers estimate if India allocates as much money as possible for green stimulus steps because it has coal power ($ 7.7 billion), it can experience 34,000 fewer deaths and 56,000 complications of birth less 56,000.
For all three countries (India, Poland and China), the priority of ecosystem restoration can be the key to strengthening the post-pandemic job market.
Modeling by the research team found that hydropower was the most intensive work of all interventions studied, increasing short-term employment in 191 years for every $ 1 million invested.
Their findings also suggest that for every $ 1 million invested in sustainable reforestation, the atmosphere will avoid 3.2 megaton CO2.
Making new and old buildings that are environmentally friendly will also significantly strengthen economic output while reducing CO2 emissions, and there are opportunities for all three countries to increase the size and scope of their activities in this area, the report.
Core Recommendations Reports for India are to prioritize investment in electrical transportation, clean cooking, renewable energy solutions, natural capital, and sustainable agriculture, to explore sovereign green bonds, green financial incentives and encourage long-term investment at all levels of the government and to introduce task units who is dedicated to green recovery.
A ‘Roadmap to Green Recovery’ was published by the economic recovery project at Smith School, the University of Oxford collaborated with a clear economy.
The Children’s Investment Funds Funds fund research with additional support from the Foundation ClimateWorks.