India could spur economy with renewable energy: WEF report

A joint report by World Economic Forum has projected substantial opportunities to spur economic growth and employment through renewable energy.

The report entitled ‘More with Less: Scaling Sustainable Consumption and Resource Efficiency’ says that In India, a drive towards resource efficiency through the development of a green sector could generate 821,000 new jobs by 2020 and boost growth.

It added that the sector could potentially raise India’s GDP by US$ 10 billion by 2020, 0.3% above the current trajectory.

The report says that if consumer goods companies across the globe took action to increase their energy efficiency to match those in Canada, considered the most energy efficient in the world, they could save US$ 37 billion in 2030, equivalent to 1% of projected sectoroutput in that year. With a 50% increase in energy costs, the 2030 figure could be as highas US$ 55.5 billion.