Economic Survey 2023: India is spearheading climate actions to meet 2070 net zero goal

Rising temperatures across the globe is a serious concern. India, which has pledged the net zero target by 2070 only in late 2021, has already commenced work and made significant progress. Critical to our economy and growth, India is spearheading one of the most robust climate actions through Nationally Determined Contributions, which includes an ambitious programme for transitions to clean energy in the world. The Economic Survey 2023, which was tabled in the Parliament today, stated that India has enhanced its climate ambition manifold and has embarked on a long-term strategy towards a low GHG emission-based development, despite the adverse impacts of Covid-19 on the economy.

To flight climate change and saving environment, India is focusing on solar, water, energy efficiency, and capacity building among others. The Economic Survey highlighted the progress on the National Solar Mission, Green Hydrogen and more.

India has achieved its target of 40 per cent installed electric capacity from non-fossil fuels ahead of 2030. And about 50 per cent cumulative electric power installed capacity will come from non-fossil fuel-based energy resources by 2030.

The likely installed capacity from non-fossil fuels will be more than 500 GW by 2030, resulting in decline of average emission rate by around 29 per cent by 2029-30, compared to 2014-15.

Even the solar power capacity installed, a key metric under the National Solar Mission, stood at 61.6 GW as on October 2022. As per the survey, India is on the path to become a favoured destination for renewables, and investments in the segment, for the past7 years, stand at $78.1 billion.

As per the survey, India's National Green Hydrogen Mission will enable the country to be energy independent by 2047. The green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum will be developed by 2030. The government is looking at cumulative reduction in fossil fuel imports over Rs 1 lakh crore and creation of over 6 lakh jobs by 2030. And the renewable energy capacity addition of about 125 GW and abatement of nearly 50 MMT of annual GHG emissions by 2030.

The Economic Survey also states that India will reduce emissions intensity of its GDP by 45 per cent by 2030 from 2005 levels.