FCC

India committed to reach net-zero by 2070

2023-02-08

Addressing the ministerial session on ‘Adapting to an Uncertain Future: Reshaping of Global Partnerships’ at India Energy Week in Bengaluru, Union Minister of Environment, Forest and Climate Change, Shri Bhupender Yadav said India stands committed to reduce emissions intensity of its GDP by 45 per cent by 2030 and subsequently reach to net-zero by 2070.

In this context he also said that India’s commitment to the sustainable and carbon neutral future is being guided by its enhanced National Determined Contribution (NDC) and Long-Term Low Carbon Development Strategy which call for clean and efficient energy systems, disaster resilient infrastructure, and planned eco-restoration. Since India’s net zero goal entails a five-decade long journey he pointed out that the strategy adopted must therefore be evolutionary and flexible, accommodating new developments in technology, the global economy and international cooperation.

The Union Environment Minister highlighted that in the Union Budget 2023-24 greening the economy is one of top seven priorities (Saptarishi). He said that India has launched, and is nurturing many programs for green fuel, green energy, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. Ethanol blending with petrol, the National Green Hydrogen mission, promotion of electric vehicles and tremendous push on the renewable energy front are some of the significant initiatives that India is pursuing towards a clean and green energy future. These initiatives will play an important role in India’s Energy transitions and to provide for large-scale green job opportunities.

Some of these important initiatives of the Union Budget are:

Energy Transition: The budget provides Rs 350,000 million for priority capital investments towards energy transition and net zero objectives, and energy security by the Ministry of Petroleum & Natural Gas.

Green Hydrogen Mission with an outlay of Rs 197,000 million, will facilitate energy transition and reduce dependence on fossil fuel imports

Energy Storage Projects: To steer the economy on the sustainable development path, Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.

Renewable Energy Evacuation: The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh is to be constructed with investment of Rs 207,000 million including central support of Rs 830,00 million.

GOBARdhan scheme: 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting a circular economy.