In line with Hon’ble Prime Minister’s announcement at COP26, the Government of India is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.
So far, a total of 175.17 GW of capacity from non-fossil fuel sources has been installed in the country as on 31.01.2023. This includes 121.54 GW RE, 46.85 GW Large Hydro and 6.78 GW Nuclear Power capacity. This has a share of 42.56% of total installed generation capacity in the country i.e. 411.64 GW as on 31.01.2023.
Also, 111.27 lakh Lighting System and 216.86 KWp Solar Power Packs have been installed in the country as on 31.12.2022.
India stands 4th globally in Renewable Energy Installed Capacity.
India will achieve net-zero emissions latest by 2070. This is notable given that so far India was the only major emitter that had not committed to a timeline to achieve net-zero carbon dioxide emissions and has also argued against the concept of net-zero carbon targets.
Renewable energy would be tapped in a big way in India. By 2030, India will ensure 50% of its energy will be sourced from renewable sources. India plans to generate 500 GW of renewable energy by 2030. This marks a 50 GW increase from its current target of 450 GW.
India also committed to reducing its carbon emissions until 2030 by a billion tonnes. By 2030, India will reduce the carbon intensity of its economy to less than 45 per cent. India is largely on track to meet, and even exceed, its Paris Agreement targets: reduce emissions’ intensity of its gross domestic product (GDP) by 33 to 35 percent from 2005 levels by 2030.
India ranks third globally in terms of greenhouse gas emissions. Around seven percent of the world's emissions presently come from India. The per-person emissions in India, however, are a long way below the global average.
The World Bank reports that in 2018, per capita emissions in India amounted to 1.8 metric tonnes. According to India's commitments under the Paris Agreement, this must increase to 2.4 tonnes by the year 2030.
Electricity and heat production accounted for the largest share of GHG emissions in 2016, followed by agriculture, manufacturing and construction, the transportation sector, industry, land-use change and forestry, and finally, the power sector.
Since the Indian economy is so reliant on coal and other fossil fuels, rising GDP per capita is likely to lead to an increase in carbon emissions in the near future, particularly from the energy sector. Having a higher percentage of services in India's GDP is encouraging for the country's efforts to reduce carbon emissions. Notwithstanding the slowing rate of population growth, pressure will be placed on carbon emissions in the years ahead due to the overall rise in population and increased spending behaviour.
By 2030, India plans to have reduced the carbon intensity of its economic growth by 33.3–35.5 percent of GDP compared to 2005 levels.
For its part, India has vowed to increase its renewable power objective to 450 GW by the end of 2030. This is in addition to the guaranteed 40% of energy capacity based on renewable energy sources made under the Paris climate agreement.
India is increasing its forest cover to make a carbon sink of 2.5–3 billion tonnes, and the country has just unveiled a national hydrogen policy to produce hydrogen using environmentally friendly means, with the goal of using it in various industries and modes of transportation, as well as exporting it. The energy sector in India might then be decarbonized with this aid.
Problems that India will need to solve to reach the new goal
Several scientists and environmentalists are sceptical about India's ambitious climate action goals.
To reach net zero by 2070, India's emissions must first peak by 2040. It has been estimated that India would need to cut its emissions intensity (emissions per unit of GDP) by 85% if it wanted to achieve a net zero year in 2070 and a peaking year of 2040. It's notable that India has only managed a 24% reduction in emission intensity since 2005, so this seems like a challenging goal.
The percentage of primary energy that comes from fossil fuels needs to drop from 73% to 40% by 2040, while the percentage that comes from non-hydro renewables, including solar and wind, needs to rise from its present 11% to 75% by 2040 to allow for such a drastic cut. The current state of India's economy and technology make these goals seem unachievable.
A research found that coal consumption, particularly for power production, must peak by 2040 and drop by 99% between 2040 and 2060 for India to attain the net-zero target even by 2070.
The decarbonization of the Indian economy and the adoption of renewable energy sources will require massive up-front financial expenditure, which is currently unavailable due to a lack of funding. Due to a current shortage, India will also need to seek money from abroad.
The move to renewable energy sources presents enormous economic potential. India has a great opportunity to become a world leader in the production of renewable batteries and green hydrogen. By 2030, the market for these and similar low-carbon technologies in India might be valued as much as $80 billion.
Source: RESI Research
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