Global energy think tank Ember released data today indicating that India’s 14th National Electricity Plan (NEP) sets the stage for the nation to achieve a more than threefold increase in renewable energy capacity by 2030. It would take an astonishing USD 293 billion for the nation to do this, though, so there’s a catch.
According to the International Energy Agency (IEA), in order to reduce the demand for fossil fuels and keep global warming to 1.5 degrees Celsius by the end of the century, the world must quadruple energy efficiency and triple its capacity for renewable energy sources by 2030.
More than 60 nations now back the pledge to double energy efficiency and triple renewable energy, spearheaded by the US, the EU, and the UAE.
Although the G20 has approved doubling the capacity of renewable energy sources by 2030, under India’s presidency, the United Arab Emirates, which is hosting this year’s UN climate conference, is pushing for a worldwide consensus on this at COP28.
According to Ember’s study, in order for India to reach the net-zero scenario recommended by the IEA, it will need to raise an extra USD 101 billion (one billion equals Rs 100 crore). A worldwide route to attain net zero CO2 emissions by 2050 is outlined in the IEA’s Net Zero Emissions by 2050 Scenario, with advanced economies achieving net zero emissions ahead of others.
Achieving net zero refers to the equilibrium between greenhouse gas emissions and absorption from the environment. According to Ember research, India is reportedly preparing a significant boost in renewable energy, which makes the target of doubling renewable energy capacity achievable.
But much more ambitious targets must be set if the nation is to adhere to the IEA’s strategy and attain “net-zero” status—that is, cease producing more greenhouse emissions than it is eliminating. This suggests that by 2030, India will need to produce around 32% of its energy from solar and 12% from wind.
