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News: At CoP26, India pledged to become a ‘net zero’ carbon emitter by 2070. It announced enhanced targets for renewable energy deployment and reduction in carbon emissions.
Achieving these targets will require focusing on the three important areas. 1) Increasing renewable energy capacity, 2) Decarbonising emission-intensive sectors, 3) Creating more carbon sinks.
What needs to be done to make these targets feasible?
Firstly, to increase renewable energy capacity, the following efforts are needed:
Resource mobilisation: NITI Aayog report estimates that the sector requires $4.5 trillion to meet the infrastructure gap and increase the share of renewable energy to 50 percent by 2030.
Policy shift: India should plan to shift from the grey to green economy by giving up fossil fuel and making societies and people more resilient to climate shocks.
Creation of green jobs: It should be supplemented with a secure and just transition for workers currently engaged with fossil fuel-based industries.
Secondly, to Decarbonise emission-intensive sectors, the following efforts are needed.
Efforts are required to reduce emissions in heavy industries like iron and steel, chemicals, and cement: Because heavy industries are also some of the highest emitters, and demand for their products is also growing due to rapid urbanization and economic growth.
Ecosystem-based approach: That aims at greening both ‘supply’ and ‘demand’ should be followed.
Thirdly, to create more carbon sinks, the Involvement of local communities is vital owing to their commitment towards safeguarding it.
Fourthly, there is a need for a coordinated mechanism to fast-track action climate by engaging all stakeholders: The private sector that brings investments, innovation, and the ability to transform challenges into opportunities should be made part of the process.
What are the steps taken in this regard?
Steps taken to Increase renewable energy capacity
The share of renewable energy in India’s energy mix has more than doubled: from 11.8 percent in March 2015 to 25.2 percent in July 2021.
The Climate Finance Leadership Initiative: launched by India and the United Kingdom recently to generate more resources for climate and green energy projects.
India’s efforts in addressing the energy needs of neighboring countries: For instance, Indian Energy Exchange, a domestic power trading platform, started cross-border electricity trade aims to create an integrated regional power market in South Asia.
One Sun, One World, One Grid (OSOWOG): launched by India at CoP26. It plans to create a South Asian network for the energy exchange.
International Solar Alliance (ISA): India was a founder-member.
Steps taken to decarbonise emission-intensive sectors
Domestic achievements: India has successfully reduced its emission intensity of a gross domestic product by 24 per cent.
Adoption of Ecosystem-based’ approach in policy making: For example,
Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme offers incentives to both the automotive sector and consumers to boost electric vehicle sales.
Developing domestic capacities for manufacturing lithium-ion batteries and creating charging infrastructure.
Source: This post is based on the article “Delivering climate action: The road ahead for India after CoP26” published in DTE on 17th Dec 2021.
