India's Energy Transition Roadmap for Sustainable Future by 2047
Key Ideas
- India's peak electricity demand is projected to exceed 700 GW by 2047, necessitating a significant increase in renewable energy capacity.
- The report emphasizes the importance of scaling up renewable energy, strengthening grid infrastructure, and developing localized supply chains.
- India has made strides in decarbonization, exceeding 200 GW of renewable energy capacity and investing in initiatives like the National Green Hydrogen Mission.
- The transition to renewable energy is expected to create millions of jobs, requiring skilling and reskilling initiatives for a just transition.
A report jointly released by EY India and the Confederation of Indian Industry outlines India's energy transition roadmap towards a sustainable, low-carbon, and energy-secure future by 2047. The report projects India's peak electricity demand to surpass 700 GW by 2047, necessitating a significant increase in renewable energy capacity beyond 50 GW annually. It highlights achievements in decarbonization, with India becoming the third-largest renewable energy producer globally, and emphasizes the importance of initiatives like the National Green Hydrogen Mission. The report also discusses plans to triple nuclear power capacity by 2032 and scale up solar, wind, and hydropower capacities. Additionally, it focuses on bioenergy initiatives such as bioethanol blending and sustainable aviation fuels. Public-private collaboration is underscored as crucial for creating an ecosystem supporting renewable energy development and job creation. The report projects the creation of millions of jobs in the renewable energy sector and emphasizes the need for skilling and reskilling programs for workers in fossil fuel-dependent industries.
Topics
India
Green Hydrogen
Renewable Energy
Energy Security
Sustainability
Net Zero Emissions
Job Creation
Nuclear Power
Bioenergy
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