Title ECONOMICS OF CLIMATE CHANGE (8).pdf ✅

and quality of life, while poorer ones often still need robust growth to tackle poverty and meet basic development needs. (Source: “Shades of Green Growth Scepticism Among Climate Policy Researchers.” Nature Sustainability, 2023.) Conclusion: Climate change shows us that the old trade-off between economic growth and protecting the environment is a false choice. What we really need is to redefine growth itself—not as endless consumption of resources, but as improving human wellbeing while staying within the planet’s limits. This is not just about saving the environment; it is about building a more resilient and prosperous economy for the long run. Applicative Question: What lessons can India take from the European Green Deal's approach to balance growth needs with environmental goals? Introduction: India faces a double challenge: lifting millions out of poverty while also tackling climate change. With 1.4 billion people and big development goals, it cannot just copy Europe’s model. Instead, it needs its own version of green growth that balances fast industrial growth with sustainability. For example, India is investing heavily in solar power, aiming to become a global leader in renewables. It is also exploring green hydrogen as a cleaner fuel for the future. These steps show how India is trying to grow its economy while cutting emissions at the same time. European Green Deal's Job Creation Model: The European Green Deal shows that climate action does not have to cost jobs—in fact, it can create them. Europe is aiming for around 25 million new green jobs by 2030 as part of its energy transition. For example, the construction sector expects about 160,000 jobs from renovating 35 million buildings, while manufacturing could add another 150,000 to 400,000 jobs as industries shift to cleaner technologies. These numbers show that well-designed climate policies can also act as economic growth engines. For India, which is still building its infrastructure and industries, there is a big lesson here. A green transition—through renewable energy, energy-efficient housing, and cleaner industries—could not only cut emissions but also create millions of new jobs for its growing workforce. India's Green Employment Reality and Potential: India’s renewable energy sector is already a major employer. By 2023, it had created about 1.02 million jobs, with solar alone accounting for more than three-fourths of that—around 318,000 jobs— and wind energy adding another 52,000. The clean energy workforce grew by nearly 47% in just one year (FY21–22), showing how quickly the sector is expanding.