Economic Survey 2023: India Commits to Net-Zero Emissions by 2070

India has committed to achieving its net zero emission goal by 2070. In Tuesday’s Economic Survey, Nirmala Sitharaman, Finance Minister, stated that India has achieved 40% of its installed electricity capacity from non-fossilfuels before the 2030 goal. By 2030, the country’s likely installed capacity from non-fossilfuels will be greater than 500 GW. This would result in a decrease of 29% in average emissions rate by 2029-30, as compared to 2014-15.

The survey found that India would decrease its emissions intensity by 45% by 2030 compared to 2005 levels. By 2030, about 50% of the cumulative installed electric power would be generated by non-fossil-fuel-based energy sources.

The Government has increased its focus on climate change and the environment, and launched many initiatives. One of these is Life (lifestyle for the environment). The Sovereign Green Bond Framework (SGB) was released in November 2022. Two tranches of Rs 4,000 crore Sovereign Green Bonds (SGrB) were auctioned by the Reserve Bank of India.

According to the survey, India will be energy-independent under the National Green Hydrogen Act by 2047. By 2030, a green hydrogen production capacity of at most five million metric tonnes per year is expected to be built. This would result in a reduction of fossil fuel imports by more than Rs 100,000 crore over the course of the year and create more than six lakh jobs under the National Green Hydrogen Mission. A close to 125 GW increase in renewable energy capacity would result in a reduction of almost 50 million metric tons of annual greenhouse gas emissions.

In the past seven years, investments in this sector have reached $ 78.1 billion.

According to the Economic Survey, India is becoming a preferred destination for renewables.