As we ease into 2024, the world stares at the threat of rapid depletion of natural resources and imminent climate change impacting the ecosystem. Global average temperatures crept above pre-industrial levels (+1.8°C), and greenhouse gas emissions reached a new high (57.4 GtCO2e in the previous recorded year). This ongoing phenomenon has brought the world together to phase down fossil fuel usage for a sustainable future.
Throughout the past year, the nation has experienced a series of pivotal developments in the energy sector ecosystem, marked by strategic collaborations, impactful policy announcements, and the attainment of significant milestones.
Noteworthy alliances include a ground breaking partnership with the United States to advance clean energy initiatives, a mutually beneficial collaboration with Saudi Arabia on renewable energy investment (green hydrogen and electrical interconnection) and a Memorandum of Understanding (MoU) with the United Arab Emirates, which emphasise increased investment and cooperation across diverse sectors, particularly in the realm of clean energy technology.
Momentous strides have been taken on the policy landscape towards achieving the target of 500 GW of renewables by 2030. These range from producing and utilising green hydrogen to advocating mandatory battery energy storage at renewable projects with the launch of the Viability Gap Fund.
This story is from the February 2024 edition of Outlook Business.
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This story is from the February 2024 edition of Outlook Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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