(MENAFN- KNN India)
New Delhi, Sep 6 (KNN) A new report from BloombergNEF (BNEF) indicates that India must significantly accelerate its renewable energy expansion to meet its Net Zero emissions target.
The study, part of the New Energy Outlook 2024, reveals that India needs to increase its solar and wind capacity to 494 gigawatts (GW) by 2030-more than triple the current levels.
To successfully transition its power sector, which is the country's largest carbon dioxide emitter, India's renewable energy capacity must surpass 4 terawatts by 2050.
This ambitious goal aligns with the country's commitments under the Paris Agreement.
Shantanu Jaiswal, Head of BNEF in India and Southeast Asia, emphasised the urgency of the situation, stating, "India's window to stay on a well-below-2-degrees pathway is closing fast. Rapidly moving to a clean power system based on solar, wind, and energy storage will be essential to cost-effectively reduce carbon emissions."
The report outlines two potential scenarios for India's energy future. Without new policies, the Economic Transition Scenario (ETS) projects that India's emissions could increase by 175 per cent by 2030, violating its Paris Agreement commitments.
In contrast, the Net Zero Scenario (NZS) aims to limit emissions growth to 10 per cent by 2030 compared to 2005 levels.
Achieving Net Zero will require substantial financial investment. BNEF estimates that India needs to invest over USD 12 trillion by 2050, a 34 per cent increase from the baseline ETS projection.
The study also highlights the critical role of flexible technologies such as batteries and pumped hydro in supporting the clean energy transition.
Additionally, hydrogen consumption in India is expected to grow tenfold by 2050, with carbon capture technologies scaling up to meet Net Zero objectives.
As India navigates this complex energy landscape, the report underscores the importance of swift and decisive action in expanding renewable energy sources to meet the country's decarbonisation goals and international climate commitments.
(KNN Bureau)
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