INDIA IS NOT the worst offender in carbon emissions, but its carbon footprint is growing as it strives to develop and is projected to peak in 2040-45. India's carbon emissions cannot be tackled overnight: they come from sectors key to economic growth. The big ones are the energy sector, which relies mainly on burning coal to generate electricity; industrial activity, which ranges from manufacturing to construction; both private and and transportation, logistics.
Despite the current government's commitment to climate action and hitting the target of net zero by 2070, the new government that will be in place around June has to recharge efforts to phase out fossil fuels and invest in technologies. The green lobby wants to eliminate the use of fossil fuels, reduce emissions, and sustainable growth. It is up to the private sector and governments to figure out how to do it without killing the economy. India needs a comprehensive approach towards renewable energy that integrates government policies, technological advancements, financial incentives, and the community's involvement.
RENEWABLE IS THE KEYWORD
India's priority is economic growth aimed at powering hundreds of millions out of poverty, but such growth will cause energy demand to surge. The way out? A rapid increase in the use of renewable energy. Easier said than done.
The Carbon Markets Association of India (CMAI), which brings together industry experts working for a structured carbon trading system, says targets, investments, efficiency and affordability are the pillars of a renewable energy strategy.
This story is from the February 18, 2024 edition of Business Today India.
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This story is from the February 18, 2024 edition of Business Today India.
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