Bhupender Yadav said that India’s long-term low-carbon development strategy to reach net-zero by 2070 notes, inter-alia, that alongside the imperative of development, and need to ensure the country’s energy security, based both on the expansion of non-fossil fuel sources for power generation and rational utilization of fossil fuel resources.
Union Minister for Environment, Forest and Climate Change, Bhupender Yadav on Tuesday said, India stands committed to reduce emissions intensity of our GDP by 45% by 2030 and to achieve net-zero by 2070. He was addressing the Ministerial Session on ‘Adapting to an Uncertain Future: Reshaping of Global Partnerships’ at India Energy Week in Bengaluru.
While India develops sustainably, we stand committed to reducing emissions intensity of our GDP by 45% by 2030 and reach to net-zero by 2070.
— Bhupender Yadav (@byadavbjp) February 7, 2023
The minister said, with a young population and a thriving innovation and business ecosystem, India is currently one of the emerging market economies with the quickest growth rates. With Nominal GDP for 2023/24, estimated to grow 10.5% year-on-year to 301.75 trillion rupees (USD 3.69 trillion) in 2023/24, India strives to become a USD 5 trillion economy by 2025.
Yadav said that India’s commitment to the sustainable and carbon neutral future is being guided by its enhanced National Determined Contribution (NDC) and Long-Term Low Carbon Development Strategy which call for clean and efficient energy systems, disaster resilient infrastructure, and planned eco-restoration.
The Union Environment Minister highlighted that in the Union Budget 2023-24 greening the economy is one of top seven priorities (Saptarishi). Ethanol blending with petrol, the National Green Hydrogen mission, promotion of electric vehicles and tremendous push on the renewable energy front are some of the significant initiatives that India is pursuing towards a clean and green energy future.
Highlighting the primary characteristics of Union Budget 2023-24, Yadav said that these initiatives must also be viewed as the opportunities to enhance India’s collaboration with various stakeholders to reshape global partnership in the energy sector and to better adapt to an uncertain future.
- Energy Transition: This budget allocates 35,000 crore for the Ministry of Petroleum & Natural Gas to make priority capital expenditures in order to achieve net zero goals, the energy transition, and energy security.
- Green Hydrogen Mission: With a budget of 19,700 crores, it aims to speed up the energy transition and lessen reliance on imported fossil fuels.
- Energy Storage Projects: Battery Energy Storage Systems with a capacity of 4,000 MWH will be supported with Viability Gap Funding in order to guide the economy towards sustainable development.
- Renewable Energy Evacuation: An investment of $20,700 crore, including $8,300 crore in central support, is required to build the interstate transmission system for the evacuation and grid integration of 13 GW of renewable energy from Ladakh.
- GOBARdhan scheme: 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting a circular economy.