{"id":258023,"date":"2023-08-30T20:36:02","date_gmt":"2023-08-30T15:06:02","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=258023"},"modified":"2023-08-30T20:36:02","modified_gmt":"2023-08-30T15:06:02","slug":"our-dpi-success-could-guide-an-energy-transition-too","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/our-dpi-success-could-guide-an-energy-transition-too\/","title":{"rendered":"Our DPI success could guide an energy transition too"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cOur DPI success could guide an energy transition too\u201d <\/strong>published in the \u201cmint\u201d <\/strong>on 30th August 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS3 \u2013 Environment<\/p>\n

News<\/strong>– During its G20 presidency, India has forcefully promoted digital public infrastructure (DPI) as a modern solution to many of the challenges faced by developed and developing countries alike.<\/p>\n

How has India been able to promote DPI in the G20 forum?<\/strong><\/h2>\n

One of the contributing factors to this achievement is the widespread adoption and utilisation of <\/strong>the Digital Public Infrastructure within the nation.<\/p>\n

India has created digital identity<\/strong> for over 1.3 billion individuals. More than 9 billion digital transactions <\/strong>are occurring every month.<\/p>\n

It has captured the attention of other nations dealing with similar challenges.<\/p>\n

Promotion of DPI\u00a0 required coordinated and persistent diplomatic efforts.<\/strong> This was aided by the fact that several countries in diverse international scenarios perceived India as an impartial mediator.<\/strong><\/p>\n

How India has potential to promote its leadership role in the area of climate change and sustainable energy?<\/strong><\/h2>\n

India stands out as a significant emitter <\/strong>of greenhouse gases<\/strong>. But, it has ambitious growth goals that necessitate a diverse energy portfolio<\/strong>. Consequently, the choices it makes carry substantial weight. <\/strong><\/p>\n

The solutions proposed by India have the potential to find traction in numerous other countries within the Global South<\/strong>.<\/p>\n

India’s determined actions<\/strong> can serve as a safeguard against the potential scenario<\/strong> of other nations refraining from taking necessary measures.<\/strong> This aligns with the responsibilities that come with global leadership.<\/strong><\/p>\n

What is the way forward for India to show leadership in the area of climate change and sustainable energy?<\/strong><\/h2>\n

The effective strategy employed by India should work on functional systems and products<\/strong> that could be efficiently scaled up to tackle challenges.<\/p>\n

There is a need for devising indigenous solutions<\/strong> and extending them to the international arena. A notable advancement in this path has been India’s expensive renewable energy program.<\/strong><\/p>\n

India should find out trustworthy solutions<\/strong> to finance the energy transition that can be both evaluated and implemented <\/strong>on a global scale<\/strong>.<\/p>\n

Research suggests that India might necessitate $7.2 trillion of green investments by 2050.<\/strong><\/p>\n

The transformation of the steel sector<\/strong> alone would require an additional $16.4 billion annually. <\/strong><\/p>\n

To realise the nation’s aspirations <\/strong>in renewable energy investments in the power sector <\/strong>must surge fivefold.<\/p>\n

The world possesses enough private capital t<\/strong>o support India’s energy transition. <\/strong>To tap into it, India must rapidly construct a portfolio of products, mechanisms, and business models <\/strong>tailored to its unique transition requirements.<\/p>\n

A variety of strategies for managing risks, like currency hedging tools, insurance products, and payment guarantee offerings<\/strong>, are necessary in numerous sectors of the economy.<\/p>\n

Policy mechanisms such as carbon trading<\/strong> as outlined in the Paris Agreement hold significant potential on a large scale. These mechanisms could bridge the funding gap<\/strong> for crucial technologies like battery storage. <\/strong><\/p>\n

India might explore locally-appropriate financial arrangements<\/strong> under the Just Energy Transition Programme<\/strong> to accelerate the process of transitioning its power grid to renewable sources.<\/strong><\/p>\n

These efforts will demand extensive and rigorous collaboration<\/strong> among Indian thinkers both inside and outside of the government.<\/p>\n

A domestic discourse on energy transition finance models<\/strong> will be necessary. This endeavour should be accompanied by a significant diplomatic campaign<\/strong> to share concepts internationally.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cOur DPI success could guide an energy transition too\u201d published in the \u201cmint\u201d on 30th August 2023. Syllabus: GS3 \u2013 Environment News– During its G20 presidency, India has forcefully promoted digital public infrastructure (DPI) as a modern solution to many of the challenges faced by developed and… Continue reading Our DPI success could guide an energy transition too<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[59,216,11125],"class_list":["post-258023","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-environment","tag-gs-paper-3","tag-mint","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/258023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=258023"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/258023\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=258023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=258023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=258023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}