Collective And Individual Efforts Needed To Shape Trajectory Of Environment, Global Climate
As the world experiences frequent and catastrophic climatic occurrences, the resounding message from the 27th Conference of the Parties (COP27) is evident: the shift from promises to pragmatic actions is imperative. The current global emphasis revolves around implementing decarbonisation strategies and planning prioritised reduction of emissions.
According to the India’s Energy Transition Pathways: A net-zero perspective report, the collective and individual endeavours are needed to shape the trajectory of our environment and global climate. About 70 nations including major economies, such as the US, China, India and the EU, are set out to achieve carbon neutrality. This advancement is further reinforced by an increasing array of policy frameworks and legal amendments incentivising the transition to clean energy sources, the report said.
In 2022, annual global investment in energy transition technologies touched a record level of USD 1.1 trillion, witnessing a 31 per cent annual gain.
Renewable energy (contributing approx 45 per cent to investments) and transport electrification (approx 42 per cent) have been the primary focus areas for investors. Across the globe, policymakers plan to address climate change by imposing rigorous sustainability criteria on emission-intensive industries. The European Union, the US, Japan and Korea are frontrunners in unveiling directives, regulations, and support programmes to drive a holistic energy transition.
India is a fossil fuel dominated economy, with primary energy consumption of 880 million tonnes of oil equivalent (mtoe).
The electricity, industry, and transport industries account for more than 70 per cent of the primary energy demand and 85 per cent of the energy-related Greenhouse Gas (GHG) emissions. India has committed to net-zero by 2070, with a target to reduce the emission intensity of its GDP and meet 50 per cent of its power generation capacity based on non-fossil fuel sources by 2030.
India’s final energy demand is expected to double approx 1200 mtoe by 2070 from the 2020 level. Aggressive energy efficiency measures are expected that can result in a relatively
modest growth in energy demand than the business-as-usual scenario. The industry sector is likely to contribute 65 to 70 per cent to the total energy demand. In the transport sector, passenger and freight demand is expected to increase by 3 to 5 times by 2070. However, energy demand will remain moderate due to a high uptake of Electric Vehicles (EVs) with higher energy conversion efficiency.
India's energy transition is anchored by three fundamental pillars which are grid decarbonisation, industrial decarbonisation and transport transition. These three pillars collectively form the foundation of India's energy transition journey and can address approx 90 per cent of India’s current emissions.
