Highlights:
• India is expected to invest $395 billion by 2030 as the country’s energy system shifts to cleaner fuels
• This was announced by the American brokerage firm .
• As part of a nationally decided commitment, India pledged to reach 40% of installed electrical capacity from non-fossil energy sources by 2030 in the Paris Climate Agreement (COP21).
What is in the News?
India is expected to invest $395 billion by 2030 as the country’s energy system shifts to cleaner fuels in order to meet its stringent carbon reduction targets. This was announced by the American brokerage firm .
Paris Climate Agreement (COP21)
As part of a nationally decided commitment, India pledged to reach 40% of installed electrical capacity from non-fossil energy sources by 2030 in the Paris Climate Agreement (COP21).
The target was fulfilled in November 2021, far ahead of schedule, according to the Union Ministry of New and Renewable Energy, with renewable energy installed capacity reaching 1,50,050 MW and nuclear power capacity reaching 6,780 MW. The Ministry reaffirmed its commitment to increasing non-fossil fuel-based electricity capacity to 5,00,000 MW by 2030.
With this, non-fossil fuel based energy installed capacity reached 1,56,830 MW, accounting for 40.1 percent of total installed capacity of 3,90,800 MW.
This is in accordance with the government’s announcement at the United Nations Climate Change Conference (COP26) in Glasgow (UK) in November.
Amish Shah, Research Analyst statement
Amish Shah, Research Analyst, Bank of America Securities India, told reporters that India is taking initiatives to cut carbon emissions in line with global countries. He predicted that initiatives to cut carbon emissions, with a focus on renewable energy, will draw $395 billion in investment over the next decade, or by 2030. He did not indicate how much money had been put into it thus far.
Minimizing carbon emissions
Reduced use of diesel, quick adoption of renewable energy, improved natural gas supply, encouraging private enterprises to go for net zero carbon emissions, and privatization of electricity distribution across the country are all examples of efforts to minimize carbon emissions. Improvements in energy efficiency and water treatment systems are among the taxes.
Brokerage firm’s other measures
Other measures in this regard, according to the brokerage firm, include increasing freight capacity to assure more freight transit via railways, commissioning new metro rail projects by reducing diesel-powered public transportation, and improving the efficiency of existing thermal power plants. Construction, railway electrification, and so on.
