Definition

• A green economy is defined as low carbon, resource efficient and socially inclusive. 
• In a green economy, growth in employment and income are driven by public and private investment into such economic activities, infrastructure and assets that allow reduced carbon emissions and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.

Fundamental Shifts Required for Green Economy in India

• Decentralised Energy Systems: India should encourage the adoption of distributed renewable energy (DRE) systems like rooftop solar and develop community-based models to make clean energy affordable for lower-income groups.
• Operational Expenditure Models: India should transition from capital-intensive approaches to operational expenditure models, such as pay-as-you-go services for solar power, district cooling, and sustainable mobility.
• Climate-Resilient Infrastructure: India should prioritize investments in climate-proofing infrastructure and businesses, ensuring granular risk assessments and insurance to mitigate economic impacts of climate change.
• Integrate into Global Supply Chains: India should leverage its strengths to integrate into global clean energy supply chains, such as solar PV and green hydrogen, while collaborating on international rules-based energy systems.
• Decarbonisation with Digitalisation: India should invest in digital technologies like Artificial Intelligence, smart appliances, and smart meters to enhance energy efficiency and integrate renewables into power grids.
• Circular Economy: India should establish systems for waste management and recycling in renewable energy, ensuring critical mineral security and promoting sustainability in sectors like water and agriculture.
• Finance End-Use Consumers: India should enable financial solutions to help consumers adopt clean energy technologies, such as electric vehicles, rooftop solar panels, and energy-efficient materials.

Conclusion

• The path forward towards the green economy is not merely about transitioning from one energy source to another but it is a shift and an opportunity to redefine India’s relationship with energy, economics, and the environment. 
• This transition should put people  at the centre of policies.