India's Energy Transition: Balancing Renewables and Fossil Fuels for Net Zero by 2070
Key Ideas
  • India plans to achieve net zero by 2070 through a strategic energy transition that includes boosting renewable energy capacity and renewable hydrogen production.
  • Key sectors like fertilizer, steel, and refining are leading the decarbonization efforts by adopting hydrogen, carbon capture, and storage technologies.
  • Renewable hydrogen projects are forming partnerships to supply to global markets, but face competition from other low-cost ammonia-supplying zones.
  • India is working on formulating a national carbon market policy to facilitate carbon credit trading and align with global carbon markets.
India is undergoing a significant energy transition aiming to achieve net zero emissions by 2070. The country plans to balance the growth of renewable energy sources and fossil fuels to meet rising energy demands while ensuring energy security, affordability, and sustainability. Key targets include reaching 500 GW of renewable power capacity and 5 million mt of renewable hydrogen production by 2030. The energy transition strategy involves subsidies, policies, and incentives to support renewable energy developers and decarbonization efforts in sectors like fertilizer, steel, and refining. India is also focusing on developing renewable ammonia hubs and formulating a national carbon market policy to facilitate carbon credit trading. The country's renewable hydrogen projects are establishing partnerships for global supply but face competition from other regions. India's energy transition serves as a blueprint for other emerging economies and is viewed positively in terms of its ambitious goals and strategic initiatives.
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