A Study on the Economic Impact of Greenhouse Gases in India

Abstract

According to the report of Jayanta Basu states that the carbon emissions in India are projected to increase by 6% while the United States is expected to experience a 1.5% increase, and the rest of the world may see a 1.7% increase. Conversely, China's emissions are anticipated to decrease by 0.9%, and the European Union is expected to see a reduction of 0.8%. From 2000 to 2021, India witnessed a threefold increase in emissions from the coal sector, reaching 1.80 gigatonnes (gt) of CO2 equivalent. Similarly, emissions from the oil sector doubled to 0.62 gt, gas emissions increased from 0.04 to 0.13 gt, and cement emissions rose from 0.05 to 0.15 gt (Jayanta Basu, Down to Earth, November 11, 2022). In 2021, the construction sector emitted approximately 10 gigatonnes of CO2 into the atmosphere (Global Status Report for Buildings and Construction 2022). Among the top 10 emitters globally (China, US, EU, India, Russia, Japan, Germany, Iran, Saudi Arabia, and South Korea), India's emissions continue to exhibit significant growth. The release of greenhouse gas emissions into the atmosphere poses a greater risk to human health. The focus of the present study is to investigate the CO2 emissions in India over a specific period and their impact on economic growth.