India aims for net zero emissions by 2070, showcasing significant progress in renewable energy while facing challenges like coal reliance and infrastructure gaps. In achieving this goal, collaborative action is fundamental and essential
India's commitment towards attaining net zero emissions by 2070 lies at the core of the global climate change framework. This vow accords with worldwide goals on climate action, thereby underlining the role developing nations can play in combating climate change. Intermediate milestones and proactive actions are essential in showing the way towards achieving long-term objectives. If it focuses on these short-term goals, India will not only be able to meet its reduction targets for greenhouse gas but also pave the way for sustainable economic progress, thus ensuring the right balance between development and conservation of the environment.
Net zero emissions refer to a situation where the amount of greenhouse gases released is balanced with those taken out. By 2070, India has set an ambitious plan to reach net zero. Notably, this move is indispensable since India has become the third largest greenhouse gas emitter globally despite India's per capita carbon emissions being one of the lowest in the world. We look into how far India has come regarding this target by mid-2024, highlighting some initiatives and crucial gaps that must be filled.
To decarbonise the energy sector, the primary source of emissions, GOI aims to increase non-fossil fuel capacity to 500 GW and meet up to 50 percent of consumer demand through renewables by 2030. The government prioritises domestic production of photovoltaic modules under the PLI scheme, builds resilient transmission infrastructure for renewable energy under the Green Energy Corridor Initiative, and offers heavy subsidies to solarise irrigation pumps under the PM-KUSUM scheme. To address grid stability issues arising from intermittent renewable output, the Ministry of Power is promoting the development of pumped storage and small hydel projects.
The government has doubled efforts to produce hydrogen, a critical element in industry processes, through clean energy to decarbonise energy-intensive industries and transportation. Although in nascent stages, India, under the National Green Hydrogen Mission, aspires to become the global hub for producing, using, and exporting green hydrogen. Further, India made a bold move by making the carbon credits market more inclusive by allowing non-obligated companies to voluntarily participate and reduce their carbon footprint.
[This article has been reproduced with permission from the Indian School of Business, India]