India embarks on clean energy journey amid billions of dollars investments opportunity
New Delhi, June 7: As India begins its ambitious journey to fulfilling at least half of its energy requirements via renewable energy by 2030, the country is set to attract over $500 billion worth investment in clean energy by that time.
According to Commerce Secretary Sunil Barthwal, India offers over $500 billion investment opportunities, particularly in the clean energy value chain including renewables, green hydrogen and electric vehicles (EVs) by 2030. At the 26th session of the United Nations Framework Convention on Climate Change (COP 26), India announced its target to achieve net zero emissions by 2070.
Before that long term goal, India is set to achieve its short term targets under the ‘Panchamrit’ action plan reaching a non-fossil fuel energy capacity of 500 GW by 2030; fulfilling at least half of its energy requirements via renewable energy by 2030; reducing CO2 emissions by 1 billion tons by 2030; reducing carbon intensity below 45 percent by 2030; and finally pave the way for achieving a Net Zero emission target by 2070.
India’s long term low carbon development strategy rests on seven key transitions to low carbon development pathways. These include low carbon development of electricity systems consistent with development, developing an integrated, efficient and inclusive transport system, promoting adaptation in urban design, energy and material efficiency in buildings, and sustainable urbanisation, among others.
Prime Minister Narendra Modi had expressed intent to intensify India’s Climate Action Plan (CAP) by presenting to the world five nectar elements (Panchamrit) of India’s climate action plan. At the COP 26 session, PM Modi unveiled a five-pronged target for India and its commitment to Net Zero emissions by 2070.
He said there is a need to follow a sustainable lifestyle and emphasised the idea of making ‘Lifestyle for Environment’ (LiFE) a global mission through bolder steps by the global clean energy fraternity.
