BT India@100: Path to Net Zero, what we have done, and what we should be doing

India's journey toward achieving net zero by 2070 is a crucial yet challenging task, especially as its carbon emissions are expected to peak between 2040 and 2045. As one of the fastest-growing economies, India's increasing carbon footprint stems from essential sectors like energy, industry, and transportation, which are vital for economic growth. The challenge lies in finding a balance between development and sustainability, ensuring that efforts to reduce emissions do not hinder economic progress.

The current government has shown a commitment to climate action. Achieving net zero will require a comprehensive approach to renewable energy that integrates policies, technological advancements, financial incentives, and community engagement. The private sector and government must collaborate closely to promote green growth without compromising economic development.

Renewable energy is central to India's strategy for sustainable growth. As the nation strives to lift millions out of poverty, energy demand is expected to surge, making a rapid transition to renewables imperative. This shift requires clear targets, significant investments, enhanced efficiency, and affordability. Policies that support renewable energy through incentives, tax benefits, and a stable regulatory environment are essential. Additionally, investments in grid infrastructure and energy storage solutions are critical to managing the intermittent nature of renewable sources like solar and wind power.

Technological innovation will also play a vital role in this transition. Advancements in areas such as offshore wind, floating solar, and green hydrogen production could unlock new possibilities for clean energy. Scaling up the manufacturing of renewable energy equipment will help reduce costs, create jobs, and enhance the resilience of power systems.

Financing the transition to renewables requires a strategic mix of public and private resources. Green bonds and climate-friendly investment strategies can attract private sector funds, while pilot projects in carbon capture and storage (CCS) can offer solutions for industries that are difficult to decarbonize. However, the success of India's renewable energy transition depends not only on the central government but also on active participation from state governments.

Decarbonizing industries, which account for a significant portion of India's greenhouse gas emissions, is another critical area of focus. Transitioning energy-intensive sectors to greener alternatives, such as power from green hydrogen, is essential but costly. India's efforts to develop green hydrogen production capabilities are expected to play a key role in industrial decarbonization by 2030.

Urbanization in India is accelerating, necessitating sustainable construction practices to minimize carbon emissions. Using on-site renewables, retrofitting existing structures, and adopting green transportation strategies are key to reducing the carbon footprint of urban development. Strong building codes that are implemented and enforced will be crucial to achieving sustainability in the construction sector.

In the transportation sector, India has already implemented policies to promote electric vehicles (EVs), but more needs to be done to accelerate the transition to cleaner transportation. Tax rebates, subsidies, and innovative subscription models could help make EVs more affordable and accessible.

International collaboration is essential for addressing the global climate crisis. Partnerships across sectors, focusing on areas like climate-resilient agriculture, renewable energy, and energy-efficient technologies, will be crucial for India's success in achieving net zero.

At the "Adani BT India@100" forum on August 20 at the Leaders Lounge, Bharat Mandapam in New Delhi, Prof. Vikram Gandhi, Senior Lecturer at Harvard Business School, will do a deep dive into India's path to net zero, offering insights into the strategies and innovations needed to balance economic growth with environmental responsibility.

BT India @100: Decoding the Megatrends for Mission 2047. All the updates