India was given a target to deliver its non-fossil energy to 175 GW by 2022 and 500 GW by 2030 in as many states as possible, including Uttar Pradesh, Punjab, and Haryana. Though there are some states which are on the track like Rajasthan and Telangana, some states still haven’t achieved even 30% of their targets such as Uttarakhand, Punjab, and Haryana
States such as Rajasthan have made a dent in their target to achieve 175 GW by 2022, where Renewable Energy Corporation Ltd has made a profit of Rs. 65 Crores last year due to their Renewable Energy adoption.
According to IPCC to achieve 1.5 degrees Celsius, the world needs to reduce annual CO2 emissions by 48% by 2030. And reach net-zero emissions by 2050. To achieve this target the government will have to come up with policies and measures for emissions to peak by 2025. Energy experts believe that to provide stability and achieve these renewable energy targets, we need consistent policy across all the states. After this, the state government will need to solve their local problems. There is a need in the energy sector to create an economy where the private sector sees an opportunity.
There has been seen a stark difference emerging among the states. The developed states of the country are where the penetration and transition happen and these are the ones who are driving the renewable energy push.
At the 26th Conference of Parties, our Prime Minister Narendra Modi committed India to net-zero carbon emissions by 2070. The net-zero commitment is part of Panchamrit or five elixirs. Four out of Five elixirs are short-term goals that would pave the way for achieving net-zero emissions by 2070. The goals are:
In his current role as senior commodity manager at GE Gas Power, Mr. Sarthak Prakash is designated as the ‘Buy from India’ leader, responsible for maximizing procurement from Indian suppliers for global projects. He drives a cross-functional team across engineering, procurement, and supplier quality to identify new opportunities for increasing the regional footprint. He also manages the regional talent footprint for GE’s world-class career accelerator program in supply chain, known as Operations Management Leadership Program. Mr. Sarthak joined GE directly from campus in 2012; since then, he has worked with several GE businesses across various geographies such as Bangladesh, United States, and India. Prior to GE, Sarthak earned his MBA in Supply Chain from IIT Delhi, and his BTech in Computer Science from Indraprastha University in Delhi. In his session, he shared his view on MBA Employability… making the most of MBA journey, preparing a great resume, acing GD / PI for internships / final placements.
- Reaching non-fossil fuel energy capacity of 500 GW by 2030.
- Fulfill 50 percent of energy requirements through renewable energy by 2030.
- Reducing carbon dioxide emissions by 1 million tons by 2030.
- Reduce carbon intensity to 45 percent by 2030.
For India, to transition successfully into a net-zero economy is one of the greatest challenges that humankind has faced. This calls for nothing less than to transform how we produce, consume, and move. The energy sector is the source of greenhouse gas emissions today and holds the key to averting the worst effects of climate change. Replacing coal, gas, and oil-fired power with energy from renewable sources such as wind, solar and hydro would drastically reduce carbon emissions.
Is there a global effort to reach net-zero?
More than 70 countries including the most polluting ones have set a net-zero target that covers about 76% of global emissions. More than 1200 companies have put in place a science-based target. More than 1000 cities, educational institutes, and other financial institutions have joined the race to zero and pledge to take rigorous and immediate actions to halve global emissions by 2030.
Are we on track to reach net-zero by 2030?
India’s Net Zero Target keeping in mind its development needs and updated NDCs is certainly aspirational. However, they fit the general incremental process of climate action at the global level which lacks the collective sense of urgency required to limit global warming by 1.5 degrees celsius.
Commitments made by the government to reach net-zero fall far short of what is required. The journey to net-zero requires all governments, first and foremost the biggest emitters to notably strengthen their Nationally Determined Contributions (NDCs) and take bold and immediate steps towards reducing emissions now.
How far the world and India go with limited short-term emissions reduction and ambitious long-term climate action plans is something that remains to be seen.