Speaking at the 26th Conference of Parties (COP-26) in Glasgow, Prime Minister Narendra Modi announced that India will achieve net-zero emissions by 2070. The PM has also announced that India will raise its non-fossil energy capacity to 500 GW by 2030 while meeting 50 per cent of its energy demand through renewables. India has also committed to reducing 1 billion tonnes of projected emissions from now till 2030 and achieving carbon intensity reduction of 45 per cent over 2005 levels by 2030.
Further, India along with Britain launched the Infrastructure for Resilient Island States initiative to develop the infrastructure of small island nations, which are extremely vulnerable to climate change.
Launch of Green Grids Initiative - One Sun, One World and One Grid
"India's leadership of the International Solar Alliance now gets a further boost with the GGI-OSOWOG. ISA was conceived to aggregate demand and lower the cost of finance for solar for developing countries. Linking up the grids across countries, if successful, can greatly boost energy interdependence, energy security and help emerging markets leapfrog to a clean energy future."
"The Green Grids Initiative is important as we scale up global cooperation on climate action. Increased electrification from RE is one of the key building blocks for any emissions reduction strategy, and a grid that connects different time zones represents an ambitious alternative to expensive storage on both ends. Not only would it help meet climate commitments, it would also enhance energy security and meet development priorities."
Launch of Infrastructure for Resilient Island States
"India's institutional leadership for climate change includes the Coalition for Disaster-Resilient Infrastructure. Recognising the severity of climate risks, which can unravel decades of development, especially for the most vulnerable countries and communities, the Infrastructure for Resilient Island States is an important initiative. It will need a combination of on-ground assessments of climate risk, financial innovation to help build resilient infrastructure, and the local capacity to manage such facilities."
“I want to congratulate PM Modi and India for making a bold statement for low-carbon development. India has just announced a net-zero emissions target here of 2070, backed up by strong climate ambition in the near-term. By announcing 500 GW of non-fossil electricity capacity by 2030; 50% of energy requirements coming from renewables by 2030; one billion tonnes of emissions reductions by 2030; the emissions intensity of the GDP to be reduced by 45% by 2030, India has clearly put the ball in the court of the developed world. This is real climate action. Now, India demands USD 1 trillion of climate finance as soon as possible and will monitor not just climate action, but delivered climate finance. Most importantly, India has called, once again, for a change in lifestyles. If we cannot fix how we live, we cannot fix how we live on this planet."
“India's announcement to turn net-zero is much more ambitious than that of China or the European Union. We, at CEEW, expect this to provide a clear roadmap to Indian and global energy markets and accelerate the pace towards deep decarbonization and a 1.5 °C future. This announcement, in line with CEEW's latest report, will also provide a blueprint for India's transition to a low carbon economy. By announcing the net-zero year, the prime minister has also accorded a red carpet to foreign and domestic inventors who want to invest in research and development, manufacturing, and deployment of green technologies in India. India's efforts though will have to be supported by the availability of climate finance from developed countries. Without foreign capital, on concessional terms, this transition will prove to be difficult. According to CEEW’s ‘Implications of a Net-zero Target for India’s Sectoral Energy Transitions and Climate Policy’ study, India’s total installed solar power capacity would need to increase to over 5,600 gigawatts to achieve net-zero by 2070. Further, usage of coal, especially for power generation, would need to drop by 99% by 2060, for India to achieve net-zero by 2070. Also, consumption of crude oil, across sectors, would need to peak by 2050 and fall substantially by 90% between 2050 and 2070. Green hydrogen could contribute 19% of the total energy needs of the industrial sector."