India’s Net-Zero Vision: An Opportunity For Renewable Business Leaders

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Energy is at the heart of growth, and India has great ambitions as it aims to improve the lives of its nearly 1.4 billion people. In light of the above, India aims to obtain net-zero emissions’ vision by 2050. India needs a suitable policy and a background driven by innovation to implement clean energy technology on a large scale in order to achieve a net-zero emissions energy system by 2050. To understand the initiation of the net-zero policy and the Paris agreement, jump onto the following section of the article. 

Overview Of Paris Agreement 

The Paris Agreement is a historic international agreement that almost every country signed in 2015 to combat climate change and its negative consequences. The agreement seeks to drastically reduce global greenhouse gas emissions in order to hold global warming to a minimum. The pact establishes a mechanism for consistent monitoring, reporting, and ratcheting up of countries’ individual and collective climate targets, as well as a roadmap for developed countries to assist the developing countries in mitigating climate change and in the implementation of the adaptation efforts. The Paris Agreement set a new path in the battle against global climate change by forcing countries to make promises that would be gradually reinforced.

Among the G20 countries whose Paris commitments are on track, India has proved to be the most environmentally aware. India has not only set ambitious renewable energy targets but has also shown global leadership by spearheading the International Solar Alliance, placing focus on the need to expedite environmentally sustainable activities. India has also set aspiring and determined renewable energy targets. In the race to zero emissions, we need that kind of creativity and vision. It is promising to see Indian companies working for a net-zero future. All business leaders, communities, nations, and countries around the world are reaching or exceeding their Paris Agreement targets. We create more jobs and develop the economy by investing in renewable energy, while also improving air quality and public health and protecting us from the risks faced by climate change.

India still has a long way to go to achieve its net-zero vision. For the same, rather than setting long-term national net-zero goals, India should consider establishing and consolidating sector-specific “visions.” Analytical and evidence-based tests should accompany such visioning activities. To allow greater electrification across the country, more and faster deployment of large-scale solar, wind, and hydropower is needed. It also necessitates the production of new fuels, such as liquid biofuels and biogas, as well as electrolysis-produced hydrogen or green hydrogen. Instead of following the fossil-fuel-driven directions traditionally followed by developed economies, India now has the opportunity to chart its own unique development direction. At the same time, India must ensure that its energy direction is socially equitable, economically viable, and ensures resource sustainability in the long term. 

Vision & Opportunities

To walk down the path of sustainability, we need collective actions by the government, civil servants, citizens which need to be based on common and cumulative responsibility. Collaboration between different stakeholders, such as companies and governments, is crucial to accelerating the innovation needed for a zero-carbon future. The transformations needed for India to achieve a net-zero emissions energy system over the next thirty years would range across various industries.

  • Say ‘YES’ To Clean Technologies 

In the next 30 years, India should expand the power sector by a factor of four which should be dominated by renewables contributing around 90%. Moving on, India should target a final energy content of 13% hydrogen, which can be used as a fuel in industry and transportation. By the year 2040, liquid biofuels should replace petroleum products as the primary source of energy for manufacturing and transportation, including difficult-to-abate sectors like aviation.

  • Promote Energy-Efficiency And Lower Carbon Choices 

Invest in systems, technology, and end uses to increase energy intensity per unit of GDP by nearly 60% by 2050, a rate nearly twice that of previous decades. The state should also adopt economic frameworks such as carbon trading and/ or pricing to aid capital and resource reallocation to enable the commercialization of new fuels and technologies.

  • Carbon pollution must be reduced

To reach net-zero emissions by 2050, resort to carbon sequestration to the tune of 1.3 Gt CO2, using nature-based technologies and/ or the process of carbon capture and storage (CCS). Simple and consistent policies at the national and subnational levels would be needed to achieve the net-zero emissions target. The transition’s economic and social consequences must be recognized and controlled, and a well-designed policy structure will be needed to contain overall macroeconomic costs, resolve transition impacts, and ensure more sustainable and environmentally friendly results for the most vulnerable and underserved populations.

Conclusion 

India should commit to reducing its “net” emissions (emissions minus absorption of emissions) to zero by 2050, backed by legislation. As a result, India will become “hypercompetitive,” attracting investment and job creation. To create and maintain a strong standing in the global market, it is extremely essential for India to implement ways and policies to obtain a net-zero vision.

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