India aims to achieve the green energy transition by 2030 and make 50 percent of electricity requirements from renewable energy sources by 2070. India has set a promising goal to achieve. Climate scientists believe that India’s development and green energy transition will be impactful to combat the climate change implications worldwide. It has set a blueprint for other developing countries. Especially countries like Germany, Finland, Sweden, Denmark, the US, the UK, and the global south, including the South Asian countries, are trying to meet the Paris climate goal and not exceed the global temperature beyond 1.5 degrees Celsius. To achieve on this path, one of the major roadblocks is to restrain global carbon emissions. As a result, India is working intensively to reach the net zero target by 2070.
India Faces Major Challenges To Aiming For The Net Zero
The piece will explain the significant challenges India faces to achieve its net zero goals– first and foremost, India’s comprehensive policy statement is missing in the renewable sectors—the unavailability of concrete energy policies, plans, modern technologies, and implementations for developing renewable energy. According to the World Economic Forum report, India is carrying a huge target by 2070, which is admired, but implementations could be a different reality.
Additionally, India and the EU explored the green hydrogen agreements where India would supply 10 million metric tons annually to the European Union (EU). In return, it will invest in Indian carbon and renewable projects. In contrast, Singapore agrees to get 5 million metric tons of green ammonia annually. These bilateral ties will accelerate the green supply and renewable energy to meet the zero carbon goals shortly. Climate experts believe India’s performance is highly significant, and its economic growth is the highest over the past two decades. In a pathway to meet the net zero goals by 2070, India has set a goal to achieve 500 GW installed renewable energy by 2030, including solar power and wind power, respectively 280GW and 140GW. Similarly, the government of India began to promote domestic manufacturing to the renewable energy sector, followed by introducing Rs. 2.44 lakhs crore transmission plan, which could help transform India into a non-fossil-fuel energy sector.
As India is the third largest global emitter after China and the US, aiming to achieve carbon neutrality by 2070, It needed strong climate policies and implementing green plans to accelerate the supply chains and green growth. Experts have claimed that India needs to catch up due to a lack of funding and future technologies. India needs a good vision to transform 50 percent of its electricity requirements from renewable energy sources by 2030. Small and short-term concrete plans need to be visible more. Another factor India’s GDP and economic prospects depend on is its coal and fossil fuel storage and how it could transform the energy supplies into wind and solar energies, which could take a long way to achieve. According to the Council on Energy, Environment, and Water (CEEW), India must invest $10 trillion to meet its carbon neutrality by 2070. Last year at the Glasgow summit COP26, PM Narendra Modi declared the five-pronged commitment ‘Panchamriti,’ where he stated that India will produce 500GW of energy from non-fossil fuel and reduce its carbon intensity by 2030. The goal must invest $10 trillion to meet the net zero by 2070. However, CEEW mentioned that India could face an investment shortage of $3.5 trillion to achieve carbon neutrality. However, nothing is impossible to achieve. If India efficiently plans its short-term goals, including green hydrogen supply, bilateral trades, and investments, it could boost its economy for further investments in renewable and sustainability.
The PM of India, Mr. Narendra Modi, recently visited the US and strengthened its bilateral ties toward the future of clean energy and trade relations. The US-India Climate and Clean Energy Agenda 2023 partnerships between the US and India with the collaboration of green hydrogen biofuels, investment, and supply chains among these two are highly effective in the near future, including the initiative on critical and emerging technologies (iCET) will emerge India’s mineral security partnerships that will be benefited in the long run.
In conclusion, achieving net zero does not reduce greenhouse gas emissions only for India, but it is more than that. India’s climate ambition and targets will help the citizens and transform the entire planet towards carbon neutrality, a green economy, hydrogen, and a trade supply. If we all work together, green growth will provide a better quality of life, development, and sustainability, and India’s policies to reach the carbon goals are highly significantly achievable or not that time will be the best judge.