In a significant address at the India Energy Transition Summit 2023, Shri R K Singh, Union Minister of Power and New & Renewable Energy, proudly announced India’s remarkable progress in its transition towards cleaner energy sources. Currently boasting a non-fossil capacity of 188,000 megawatts, with an additional 88,000 megawatts in the pipeline, Minister Singh confidently stated that India is well on track to surpass its ambitious goal of reaching 500 gigawatts by 2030.
Highlighting India’s responsible energy consumption habits, Minister Singh pointed out that despite being home to 17% of the global population, the nation contributes only 4% to the world’s carbon dioxide emissions, with per capita emissions at a mere 2.2 tonnes, significantly lower than the global average.
Moreover, Minister Singh emphasized India’s commitment to environmental stewardship, aligning its energy transition actions with limiting global temperature rise to under two degrees Celsius. Remarkably, India has achieved all its Nationally Determined Contributions (NDCs) nearly a decade ahead of schedule.
Shri Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy, elaborated on India’s accelerated renewable energy capacity addition strategy, aiming to achieve 25 gigawatts this year and 40 gigawatts next year, with a robust bidding trajectory for the coming years.
Mr. Subhrakant Panda, President of FICCI, reiterated India’s dedication to achieving Net Zero by 2070, noting strong commitments and significant interest from domestic and international investors in India’s renewable energy sector.
The event also witnessed the launch of the FICCI Deloitte report, which outlines India’s energy transition pathways and estimates a massive $15 trillion investment requirement to achieve net-zero emissions by 2070, focusing on grid decarbonisation, industrial decarbonisation, and transport transition.
Additionally, industry leaders like Mr. Dilip Oommen of Arcelor Mittal discussed the crucial balance between economic growth and decarbonisation, with a focus on reducing renewable energy costs and the potential of natural gas during the transition period.
Overall, the summit showcased India’s resolute commitment to a sustainable energy future, with ambitious goals, substantial investments, and a holistic approach to addressing climate change challenges. Ambassadors from Belgium and Germany, as well as industry experts, lent their support to this important endeavor.