India's Energy Transition Towards Net-Zero Emissions by 2070
Key Ideas
- India's energy needs are projected to grow significantly by 2047, emphasizing the importance of a transition to cleaner and more sustainable energy sources.
- Renewable energy initiatives like the PM-Surya Ghar Yojana and the Green Hydrogen Mission are driving the shift towards a more diversified energy mix.
- The country aims to increase non-fossil power capacity in the electricity sector, with a notable increase from 32% in 2014 to 45.4% in 2024.
- The introduction of the National Offshore Wind Energy Policy and Offshore Wind Energy Lease Rules demonstrates India's commitment to leveraging renewable energy sources like offshore wind power.
The Economic Survey presented in India's Parliament highlights the nation's escalating energy requirements, expected to double or even triple by 2047. To address this surge in demand while promoting sustainability, the survey underscores the necessity of a structured approach towards transitioning to a diverse energy mix with a major focus on non-fossil sources. Emphasizing the imperative nature of incorporating renewable energy, India is actively working towards integrating more solar power into its energy portfolio. Initiatives like the PM-Surya Ghar Yojana, designed to add significant solar capacity and reduce carbon emissions, exemplify the country's commitment to cleaner energy practices. Additionally, the introduction of the Green Hydrogen Mission, aiming to produce substantial amounts of green hydrogen by 2030, along with schemes promoting electrolyser manufacturing, signifies India's proactive stance in embracing green technologies. The survey also notes the rise in non-fossil power capacity within the electricity sector, showcasing a positive shift towards sustainable energy. Furthermore, by implementing policies like the National Offshore Wind Energy Policy and Offshore Wind Energy Lease Rules, India is tapping into its offshore wind energy potential to further enhance its renewable energy output. These concerted efforts reflect a positive sentiment towards fostering renewable energy and advancing India's energy landscape towards a more sustainable future.