Over the years, India has made significant progress in the renewable energy sector to address climate change, which has emerged as a global concern and crisis. The set target, to attain net-zero emissions by 2070, is a national priority. Given the growing energy demand, it is not at all easy to pledge a decrease in emission intensity by 45%. However, sincere efforts to achieve a renewable energy capacity of 500 GW by 2030 would act as a powerful catalyst. India’s commitment in climate action was recently manifested in the Baku COP29 summit that revealed several complexities of global cooperation in climate change mitigation efforts.
At COP29, the world’s focus centered on finalizing a finance agreement that could enable developing nations to undertake more ambitious climate actions. Developed nations have committed to increasing their climate finance contribution to $300 billion per year, a significant jump from the $100 billion promise made in 2009. Developing countries including India expressed their disappointment loud and clear. Their criticism was well-placed. The adoption process fails to meet the requirement, as envisaged in the Paris Agreement. It is agreed that by 2030, climate financing would require a minimum of $1.3 trillion annually to meet the global targets. The unequal distribution of duties between developed and developing nations was clearly reflected in the Baku Agreement.
India leadership in climate action reflects in its realistic stance. It is widely admitted that significant investments in infrastructure, adaption strategies, and renewable energy are necessary to combat climate change. Challenges are many and climate change mitigation needs innovative solutions. Paying serious attention on making significant progress in renewable energy deployment has been paving the way as it serves as the foundation of its climate mitigation strategy. Solar energy is a standout success story, with India emerging as one of the top global markets for photovoltaic installations. To achieve its ambitious climate goals, India needs strong policy backing alongside financial and technological assistance. Programs like the National Solar Mission, Green Energy Corridors, and state-level incentives are crucial factors in the growth of renewable energy.
Ambitious plans need innovation execution strategies and innovation. The National Hydrogen Mission reflects India’s ambition to diversify its clean energy sources. With plans to produce 5 million metric tons of green hydrogen annually by 2030, India is positioning itself as a global hub for this transformative fuel.
Although these developments are promising, they need strong financial resources and technological assistance to expand further. In this situation, climate financing serves as a crucial support for developing nations working to achieve their climate goals while still fostering economic growth. Climate finance encompasses all funding intended to back actions for both mitigation and adaptation to tackle climate change. For countries such as India, it goes beyond just financial support; it also includes access to advanced technologies and initiatives aimed at building capacity.
To realize its ambitious climate objectives, India requires robust policy support in addition to financial and technological resources. Initiatives such as the National Solar Mission, Green Energy Corridors, and incentives at the state level are key drivers of renewable energy expansion.
Energy consultant firms play a crucial role in advancing India’s renewable energy transition by providing expertise in project planning, feasibility analysis, and risk management. Their tailored technical solutions ensure optimal efficiency and sustainability for renewable energy projects while addressing challenges like intermittency through advanced technologies and energy storage integration.
The presence of numerous internationally recognised businesses actively providing engineering and technical consulting services for renewable energy projects in India is heartening. The success of these projects is greatly based on their proficiency in engineering design, performance optimisation, quality assurance, and independent assessment of both new and existing renewable energy facilities.
In nutshell, not only India but the world’s path to a sustainable future is to harness its potential for renewable energy, promote equitable climate finance systems, and cultivate international collaborations to tackle the common issue of climate change.
Author:
Arif Aga,
Sgurr Energy India,
Arif Aga, Director, Sgurr Energy India
