Dr. Arvind Kumar*
The main asset in the modern period is energy and unquestionably necessary for a developing economy like India because it is the backbone of production, transportation, construction, communication, and mobility. India has the chance to direct the G20’s discussion on the energy transition on its own terms. The Prime Minister’s personal commitment to the Lifestyle for Environment (LiFE) principle may serve as a solid foundation for India to persuade the other G20 members of the legitimacy of a transition that is fair to both the present and future generations.
A Bloomberg report recently predicted that hydrogen could meet up to 24 per cent of the world’s energy needs by 2050, creating a market worth $ 600 billion. National Hydrogen Mission is expected to incentivise various approaches which can help India become a sizeable player in green energy. According to the report of the Centre for Economics and Business Research (CEBR), India will become a $ ten trillion economy by 2035 and National Hydrogen Mission can play a greater part in achieving this feat.
Rising population, industrialization, and the implementation of development plans for the country’s overall growth are some of the core reasons for an increase in the energy demand. Recently IMF released its report, wherein according to its projections India is the fastest-growing major economy, and due to the same reason India’s energy demands are anticipated to double in the next 20 years and that denying people this sustainable energy would be the same as denying millions of people life (WSDS). India’s share in the global oil demand is 5% which is expected to rise to 11%, whereas the gas demand of India is expected to rise up to 500%. However, we need to be aware that energy production is responsible for more than a third of the world’s greenhouse gas emissions, which cause pollution and climate change.
To figuratively fuel the world’s energy demands, wars have been waged, nation’s conquered, and new governments have been installed. The ecological stability of our planet has been compromised by the post-industrial revolution’s desire for fossil fuels. The harm done by burning the enormous amounts of carbon-based fuels required to power our modern economies and development engines is now widely known. Increasing air temperatures, melting glaciers, rising sea levels, altered rainfall patterns, failing agriculture, droughts, floods, and raging rivers are all things we need to be concerned about. Not to mention the harms to human health, declining standard of living and financial expenditures associated with pollution from fossil fuels. Fossil fuels are also getting harder to find.
India’s dependence on Fossil Fuels
India relies heavily on coal for its energy production. Currently, 70% of India’s electricity is produced by coal-fired power plants. These facilities are in charge of over 80% of the mercury emissions, 60% of the particulate matter emissions, 50% of the SO2 emissions, and 30% of the NOx emissions. These power plants emit a lot of greenhouse gases and use a lot of fresh water. In addition, coal mining harms wildlife, deforestation, local residents, and the environment. The rising tensions and conflicts between global nations have caused a spike in global energy prices. According to data from Indian consultancy Coalmint, India’s imports of thermal coal – used mainly for power generation – grew 14.7% to 161.18 million tonnes in 2022; data also showed that imports of coking coal rose 0.8% to 56.1 million tonnes, anthracite grew 12.2% to 1.79 million tonnes, and PCI coal shipments increased 8% to 13.43 million tonnes.
India’s Energy Story
The Indian government is working on mission mode to increase the consumption of natural gas in our energy mix from 6% to 15% by 2030 where the entire needed infrastructure will be provided by ‘One Nation One Grid’. The government is trying to increase the capacity of LNG Terminal regasification which has doubled to 21 MMTPA in 2022 while efforts are being made to increase it even more. The number of CGDs in the country has gone up 9 times and the number of CNG stations has gone up to 5000 from 900 in 2014. Regarding the gas pipeline network which has increased to 22,000 kilometres from 14,000 in 2014 and the network is expected to expand to 35,000 kilometres in the next 4-5 years. The country is projected to add 35 to 40 gigawatts of renewable energy annually until 2030, which appears to be enough to power the houses, establishments and people who need it. However according to different analysts, India could be able to produce up to 405 gigawatts of energy from renewable sources by 2030, which is even greater than the target of the government to produce 50% of its electricity from non-fossil fuel sources by the end of this decade.
According to the International Renewable Energy Agency, in last one decade from 2010 to 2020, the cost of solar PV power fell by around 85%. Similarly, the concentrating solar power fell by around 68%, onshore wind by 56% and offshore wind by 48%. India has also set big ambitions for its clean energy sector to increase its installed renewable energy capacity to 175 GW by the end of 2022 and 450 GW by the end of the year 2030. In June 2022, India’s installed renewable capacity stood at around 114 GW and works on another 61 GW are underway and 23 GW are under bidding. India recently launched National Green Hydrogen Mission, which will facilitate the transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports and make the country assume technology and market leadership in this sunrise sector. All of these various efforts will help not to decarbonise economy but help to achieve net zero emission by 2070, which was set by Prime Minister Modi himself at COP26 at Glasgow.
Sustainable energy pathways
India Energy Week 2023, India’s journey across the energy spectrum was showcased through immersive digital exhibition and Ministerial dialogues taking whole-of-Government approach, it provided a dynamic unique opportunity for India to bring together all the international stakeholders, domestic as well as international, on a common platform to facilitate Growth, Collaboration and Transition to make a sustainable, be a part of transformative and prosperous future for all. The Strategic conference was successful in bringing together the key stake holders from the integrated energy value chain to share insights on strategies and trends impacting global energy markets, while Executive sessions convene leaders at the forefront of business operations to share best practices in pursuing the net zero agenda, and the technical conference offered engineers and project managers access to latest industry expertise. India also launched Global International Biofuel alliance to help create develop an favourable ecosystem for promoting development and deployment of biofuels with key stakeholders including US, Brazil, EU, IEA, Bio Future Platform, SIAM, ISMA as a clean mobility alternative under India’s G20 Presidency.
We know the opportunities for renewable power and electric mobility in a rapidly growing Indian market (not completely phased by the pandemic). We now have to set ourselves to collectively – businesses, governments and sector experts – identify the gaps in driving clean energy and mobility and find innovative solutions to address these. Decisions taken today will set the strategic direction and preparedness of the economy against future crises for years to come. The next 10 years are crucial to India stepping up action and commitment to address climate change and become a net zero economy which is only possible through the Mission Green Energy.
President, India Water Foundation
