India's Energy Transition Pathways A net-zero perspective
The effects of climate change are becoming prominent in the form of changing weather patterns (severe storms and draughts) and increasing global temperatures.8 Economies across the globe are striving to reduce their carbon emissions and mitigate the ill-effects of climate change. A growing consensus around the need for green transition has helped galvanise actions designed to reduce carbon emissions. Countries across the world have embarked on an ambitious transformation of their energy sectors to avoid climate change, protect ecosystems, and improve social and environmental outcomes for their citizens.
Following a year of alarming climate events across the globe, the message from the 27th Conference of the Parties (COP27) was loud and clear − we need to move from pledges to practical actions. The focus is now on implementing decarbonisation solutions and lowering emissions. Nearly 70 countries, including large economies, such as the US, China, India, and the EU— have targets to reach net-zero carbon emissions.9 This progress is bolstered by policy packages and legislative changes that incentivise the transition to clean energy. Moreover, countries at COP27 established a fund for “loss and damage” to aid global adaptation to climate affects, signifying an important step towards supporting communities in preparing for future damages.
The next decade will be critical, and global leaders should push for bolder climate actions. To meet the goals of Paris Climate Accord to limit the global warming “well below 2 degree C”, an unprecedented level of climate action is required over the next decade.10 This would call for accelerated adoption of clean technologies that can be enabled by favourable policies and regulations, and trillions of dollars in climate financing and protection of forests and other natural solutions.
In line with global trends, India committed to meet the net-zero target by 2070. It has an intermediate target to reach about 50 percent of the cumulative electric power installed capacity from non-fossil-fuel-based energy resources by 2030. The country’s low-carbon transition is already underway, driven by supportive national policies and favourable economics. Being a fossil fuel dominated economy, India finds it difficult to achieve a net-zero scenario by 2070 unless otherwise accelerated transition strategies are announced and implemented. It would require a rapidly decarbonised power system, minimum use of fossil fuel in industries, and a decarbonised transport system. This transition has to be supported with adoption of new technologies, favourable policies and support mechanisms, and