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Climate change has been identified as one of the biggest challenges facing India and South Asia — the World Bank states that annual economic losses in the region caused by negative fallouts of climate change could average USD 160 billion by 2030. Undoubtedly, as India aspires to become a USD 5 trillion economy, growth must be perceived from the prism of sustainability. In this respect, the Union Budget 2022-23 has set an important precedent by raising the curtains on Amrit Kaal, or the 25 years leading to a century of India’s independence in 2047. For now and beyond, along with economic growth, energy transition and climate action have been rightly identified as key tenets that will drive India’s growth story.
For a green India
Since becoming the first country to firmly outline its Nationally Determined Contributions (NDCs), India has taken many rapid steps to augment its renewable capacity and emerged as a favourable destination for clean investments. In the Economic Survey 2021-22, the Finance Minister emphasised that India has witnessed the fastest growth in renewable energy capacity addition among all large economies in the last 7.5 years. Hearteningly, India’s annual renewable energy addition has been exceeding that of coal-based thermal power since 2017.
While we have many reasons to rejoice, there is also much for us to deliberate upon as we take swift but cautious steps. This has been well established by Prime Minister Narendra Modi in his ‘panchamrit’ announcement at COP 26, where he outlined five priorities for India’s clean energy transition that culminates in the country achieving net zero emissions by 2070. Ultimately, decarbonization and sustainability for India is not only a prudent economic choice but an essential humanitarian obligation. For a country of 1.32 bn that hosts over 7,500 km-long coastline, India remains severely vulnerable to the pitfalls of unstable atmospheric temperature and rising water levels. Our people and their livelihoods will be severely jeopardised tomorrow if we are unable to make the big, difficult choices today.
Challenges yesterday, opportunities today
Financing is a critical aspect in India’s commitment to developing appropriate infrastructure to meet its targets of reducing greenhouse gas emissions and achieving net zero emissions. The Budget has made significant inroads here. The Sovereign Green Bonds announced this time are promising. These bonds will be a key part of the government’s market borrowings and their proceeds will be redirected to public sector projects that help in reducing the carbon intensity of the economy.
Simultaneously, as we amp up the bucks to support our green vision, we must diversify our clean energy portfolio. Currently, solar occupies the maximum share, given India’s favourable location in the tropics. Nonetheless, to migrate to a system based on clean energy, we will have to augment our capacities in wind, hydro, nuclear and gas to establish a fully-functional round-the-clock hybrid power system. The pursuit of 500 GW of renewable energy by 2030 would be driven, by a good degree, by hybrid power plants that can effectively address the challenges of intermittency in renewable sources such as solar, wind, and balancing of the grid. The Economic Survey has recognized this with the Finance Minister expressing the need for a diversified mix of energy sources.
Today, policy impetus for wind, like we see in solar through PLI incentives for manufacturing high-efficiency modules, can bring visible difference to India’s energy landscape. Manufacturing wind turbines and strengthening our capacities, particularly in onshore wind, aligns well with the country’s vision of driving Make in India through indigenous industries. Along with solar and wind – hydropower backed with pumped storage will also be an important participant. Finally, to tightly knit all sources in an ecosystem that is stable, reliable, and able to resist volatility in power flow – natural gas must be embraced wholeheartedly. Eventually, these gas systems will pave the way for green hydrogen-based power generation to ensure complete end-to-end cleanliness in energy production and use.
India’s journey towards decarbonization and building a sustainable society will rely significantly on the country’s ability to own the hybrid space and address, as we see it at GE, the trilemma of reliability, affordability, and sustainability. For this, storage solutions need to find a place in the mix. That brings into focus hydro power assets, which lend themselves well to pumped storage hybrid solutions. The role of the smart grid balancing also becomes critical in accommodating the new generation of renewable power and managing it without disruptions. Digital technologies and data analytics will play a big role in that.
Our duty
There is also a huge societal and human face to decarbonization. On one hand, without urgent steps in combatting climate change, several livelihoods will be compromised – especially in low-lying coastal areas; on the other hand, the move to decarbonization will dent the fortunes of many companies and the livelihoods of hundreds of thousands of individuals who are directly or indirectly linked to the coal and carbon economy. People here, must be protected and provided robust alternative channels so that they too can wholly embrace the decarbonization process. The assurance of sustainability, thus, will also rest in securing the imminent futures of this vulnerable group that will face the negative brunt of the sustainability journey. Therefore, energy transition must be addressed with absolute caution and sensibility.
As expressed amply in the Budget, the last league before we touch 100 years as the world’s largest democracy will be marked by a careful balance between economic growth and sustainable development. Now, it is time to convert our robust vision into an active mission that will protect our people, efficiently support their ambitions, and ultimately pave the way for a healthy planet Earth. As our forefathers secured our lives in a country marked by liberty, equality, and fraternity – it is our duty today to ensure that our children live in a country guided by the holy trinity of cleanliness, efficiency, and sustainability.
Disclaimer
Views expressed above are the author’s own.
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