India’s Journey to Net Zero by 2070: Challenges and Progress
India is making significant efforts to increase its renewable energy capacity and achieve its goal of net zero emissions by 2070, with interim targets set for 2030. According to a report by Moody’s, while progress has been made in reducing greenhouse gas emissions, India’s growing economy and population are increasing energy demand, posing challenges to its carbon transition efforts.
Economic Growth and Energy Demand
India’s share of global greenhouse gas emissions rose from 6.7% in 2019 to 7.5% in 2022, as the country continues to grow rapidly. With projected economic growth rates of 7.2% in 2024 and 6.6% in 2025, energy needs are expected to rise significantly. Total power consumption is forecasted to reach 2,524 Terawatt hours by 2030-31, up from 1,734 TWh in 2023-24.
Renewable Energy and Investment
India aims to have more than 50% of its electric power capacity from non-fossil fuel sources by 2030, requiring an investment of USD 190 billion to USD 215 billion over the next seven years. Despite growth in renewables, coal remains a major energy source, accounting for 74.7% of power generation in 2023-24.
Challenges in Transition
India’s industrial sectors, such as oil, gas, steel, and automotive, are heavily carbon-intensive. High costs, technological challenges, and lack of strict regulations hinder the transition to low-carbon sources. The power sector alone needs an annual investment of 3.4% of GDP from 2024-25 to 2030-31 to meet global net-zero goals.
Social and Economic Impacts
The shift to a low-carbon economy could increase social risks, affecting the agriculture sector, which employs 43% of the workforce. The government’s 2024-25 budget includes Rs 2 trillion for new employment schemes to prepare the workforce for this transition.
Doubts Revealed
Net Zero -: Net zero means balancing the amount of greenhouse gases emitted with the amount removed from the atmosphere. It is like making sure the air stays clean by not adding more pollution than we can take away.
Greenhouse Gas Emissions -: Greenhouse gases are gases like carbon dioxide that trap heat in the atmosphere, making the Earth warmer. Reducing these emissions helps to slow down climate change.
Carbon Transition -: Carbon transition refers to moving from using energy sources that produce a lot of carbon dioxide, like coal, to cleaner sources like solar or wind power. This helps reduce pollution and protect the environment.
Non-fossil Fuels -: Non-fossil fuels are energy sources that do not come from burning coal, oil, or gas. Examples include solar, wind, and hydroelectric power, which are cleaner and better for the environment.
Coal -: Coal is a black rock that is burned to produce energy, but it releases a lot of pollution. It is still used a lot in India because it is cheap and available, but it is not good for the environment.
Technological Barriers -: Technological barriers are challenges related to the technology needed to switch to cleaner energy. This can include things like not having the right machines or knowledge to use solar or wind power effectively.