India Aims for 500 GW Non-Fossil Energy and 45% Carbon Cut by 2030

CIOTechOutlook Team | Friday, 15 November 2024, 05:35 IST

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India has committed to have 500 giga watt (GW) of non-fossil energy capacity, meet 50% of its energy requirement from renewable sources, reduce total projected carbon emissions by 1 billion tonnes from 2021 to 2030, and cut carbon intensity by 45% by 2030 over the 2005 levels. It has also committed to achieve net zero emissions by 2070.

While its economy continues to grow, India can play a key role in contribution to the global renewable energy supply chain. "High and growing demand of inputs for solar, wind and electrolysers are where India has the opportunity to lead in global supply," Kouame said during the discussion.

The nation's ambitious targets for carbon emissions reduction provides financiers an opportunity to fund sustainable projects particularly from non-fossil fuel sources, Vivek Kumar Dewangan, chairman and MD of REC Ltd, said at the discussion. The state-run power company had signed memoranda of understanding worth ?2,86,000 crore last year during the green finance summit in Goa on the sidelines of G20's Energy Transition Working Group meet.
 
The country's ambitions are "well calibrated" while its nationally determined contributions (NDCs) commitment at the 26th session of the Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) are "very credible", said Auguste Tano Kouame, Country Director for India, World Bank.

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