IANS | 08 Jun, 2024
As India begins its ambitious journey to fulfilling at least half of its
energy requirements via renewable energy by 2030, the country is set to attract
over $500 billion worth investment in clean energy by that time.
According to Commerce Secretary Sunil Barthwal, India offers over $500
billion investment opportunities, particularly in the clean energy value chain
including renewables, green hydrogen and electric vehicles (EVs) by 2030.
At the 26th session of the United Nations Framework Convention on
Climate Change (COP 26), India announced its target to achieve net zero
emissions by 2070.
Before that long-term goal, India is set to achieve its short-term
targets under the ‘Panchamrit’ action plan -- reaching a non-fossil fuel energy
capacity of 500 GW by 2030; fulfilling at least half of its energy requirements
via renewable energy by 2030; reducing CO2 emissions by 1 billion tons by 2030;
reducing carbon intensity below 45 per cent by 2030; and finally pave the way
for achieving a Net-Zero emission target by 2070.
India’s long-term low-carbon development strategy rests on seven key
transitions to low-carbon development pathways.
These include -- low-carbon development of electricity systems
consistent with development, developing an integrated, efficient and inclusive
transport system, promoting adaptation in urban design, energy and material
efficiency in buildings, and sustainable urbanisation, among others.
Prime Minister Narendra Modi had expressed intent to intensify India’s
Climate Action Plan (CAP) by presenting to the world five nectar elements
(Panchamrit) of India’s climate action plan.
At the COP 26 session, PM Modi unveiled a five-pronged target for India
and its commitment to Net-Zero emissions by 2070.
He said there is a need to follow a sustainable lifestyle and emphasised
the idea of making ‘Lifestyle for Environment’ (LiFE) a global mission through
bolder steps by the global clean energy fraternity.
--IANS