India, as one of the largest greenhouse gas emitters in the world, is facing a pivotal moment in its journey towards achieving net-zero emissions. With the latest statistics showing the alarming increase in global temperatures and the catastrophic impacts of climate change, it is imperative for India to take bold steps to reduce its carbon footprint and transition. According to a study by (Sikdar & Mukhopadhyay: 2016), India's greenhouse gas emissions have been steadily rising over the years, primarily driven by our reliance on coal for energy generation and rapidly growing population. To combat this pressing issue, the Indian government no doubt is prioritizing sustainable development and has set ambitious goals to fight climate change.
One of the key initiatives taken by the Indian government is the commitment to achieve 450 gigawatts of renewable energy capacity by 2030, including 175 gigawatts of renewable energy from sources such as solar, wind, and hydro power. In addition to this, we have made significant investments in electric vehicles and aim to have a substantial portion of the vehicle fleet running on clean energy by 2030. The corporate sector too plays a vital role in achieving out target of net zero. With their substantial carbon footprints, industries have a responsibility to adopt sustainable practices and invest in innovative technologies to reduce emissions. Corporate Social Responsibility (CSR) programs that focus on environmental sustainability and contribute to India's net-zero goals needs serious efforts now. For instance, the steel industry, which is a major contributor to greenhouse gas emissions, need to invest in research and development of innovative technologies that can reduce CO2 emissions in the manufacturing process. According to recent statistics, India's carbon dioxide emissions in 2020 amounted to approximately 2.6 billion metric tons, which is a noteworthy increase from previous consecutive years. It is clear that we have a long marathon from here.
Multi-Sectoral Approach for Policy Formulation
Achieving net-zero emissions requires a comprehensive and coordinated policy framework that engages multiple sectors of society. It is essential for the government to collaborate with industry experts, environmental organizations, and research institutions to formulate policies that addresses the unique challenges faced by each sector. By taking a multi-sectoral approach, we can ensure that our policies are effective, inclusive, and sustainable in the long run.
Incentivizing Renewable Energy Adoption
To accelerate the transition process to renewable sources, the Government may introduce robust incentive programs like the ‘PM Surya Ghar Muft Bijli Yojana’. Subsidies, tax incentives, and other financial mechanisms can encourage the adoption of solar, wind, and hydro power. By making renewable energy more economically viable, India can significantly reduce its reliance on carbon-intensive energy sources.
Strengthening Environmental Regulations and Enforcement
Stringent environmental regulations and their consistent enforcement are crucial for holding industries and businesses accountable for their carbon emissions. Provisions like Social and Environmental Impact assessment, clearances by the concerned agencies, etc need to go beyond compliance. The agencies should look at the intend and “sincere” approaches. The government should prioritize the development and implementation of policies that set clear emission targets and provide strict penalties for non-compliance.
Carbon Pricing and Trading Mechanisms
Implementing a robust carbon pricing mechanism can incentivize organizations to reduce their emissions. By assigning a price to carbon emissions, businesses are encouraged to invest in cleaner technologies and processes. Establishing carbon trading platforms can create a market-based incentive for industries to limit their emissions and invest in carbon offset projects. These mechanisms can effectively drive emission reductions across various industries and contribute to India's net-zero goals.
Empowering Local Communities and Stakeholder Engagement
Engaging local communities and stakeholders in the decision-making process is vital for the successful implementation of net-zero policies. We need to focus on creating platforms for community participation, gathering feedback, and incorporating local knowledge in policy formulation. I also trust that if India constructs its own climate goals, indicators and targets similar to the SDGs, it can guide us to navigate the crisis situation. By empowering and involving diverse stakeholders, India can foster a sense of ownership and commitment to achieving net-zero emissions at the grassroots level.
Incorporating these policy insights into India's journey towards net-zero emissions will require a combination of strategic planning, data-driven decision-making, and ongoing evaluation of policy outcomes.
The author is an alumnus of XISS and Santiniketan and currently works as a Manager at Humana People to People India, New Delhi. Views expressed are personal.
