Italy G7 Summit and India's Road Ahead for Clean Energy

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Italy G7 Summit and India's Road Ahead for Clean Energy

Wednesday, 19 June 2024 | Dr. Srijan Kishore



The recent G7 Summit in Italy brought climate change back into sharp focus, highlighting India's crucial role in tackling this global issue. As a rapidly growing economy and a large emitter of greenhouse gases, India's dedication to clean energy is vital for its own sustainable development and also for the global effort to combat climate change.

India is experiencing a transformative shift in its energy landscape, with a strong push towards renewable energy. The country aims to boost its renewable energy capacity to 175 gigawatts (GW) by 2022, with an ambitious target of 450 GW by 2030. This move is driven by the need to meet rising energy demands, reduce reliance on fossil fuels, and mitigate climate change impacts.

During the G7 Summit, India's progress in clean energy was a key topic in the discussions on global climate action. We have made impressive advances, especially in expanding our solar and wind power generation. However, India still faces challenges, such as the continued prevalence of coal-fired power plants in its energy mix.

To overcome these hurdles, India has introduced several policy initiatives and incentives to promote renewable energy. The Modi government has rolled out favourable policies, including feed-in tariffs, renewable purchase obligations, and tax incentives, to attract private investment in the renewable sector. These measures have propelled the growth of solar and wind power, positioning India among the world leaders in installed renewable energy capacity.

Despite these advancements, there are still significant barriers, particularly with rooftop solar adoption. High upfront costs, limited financing options, and lack of consumer awareness have slowed the deployment of rooftop solar systems. To tackle these issues, the government launched the Rooftop Solar Programme, aiming to install 40 GW of rooftop solar capacity by 2022.

Achieving these goals is essential for India to meet its renewable energy targets and contribute effectively to global climate action. India's shift to clean energy is also crucial for its role in the G7 and other international forums. As we approach the Five Trillion-dollar economy, India's commitment to sustainable development and its policy effectiveness are under global scrutiny.

A critical area for India is decarbonizing its electricity grid. Despite the growth of renewable energy, coal-fired power plants still generate a large portion of India's electricity, contributing significantly to greenhouse gas emissions. India needs innovative strategies to clean up its coal sector and better integrate renewable energy into the national grid.

India's sustainable development goals and its commitments under the United Nations Framework Convention on Climate Change set the stage for a comprehensive energy transformation. This requires effective strategies and the adoption of new technologies to reduce emissions from the electricity sector and improve energy efficiency in electrical equipment and appliances.

The widespread deployment of grid-connected rooftop solar photovoltaic (PV) systems holds great potential for contributing to India's renewable energy targets. Success in this area will be a major step towards a sustainable energy future, making a meaningful impact on global climate efforts.

To summarise, the recent G7 Summit in Italy emphasized India's crucial role in combating climate change due to its status as a rapidly growing economy and a contributor to greenhouse gases. With ambitious targets for renewable energy, India is working to meet rising energy demands, reduce reliance on fossil fuels, and mitigate the impacts of climate change through policy initiatives and incentives. However, challenges such as high upfront costs and limited financing options persist, particularly with rooftop solar adoption. India's commitment to sustainable development and decarbonizing its electricity grid are critical for achieving global climate action goals.

The writer is an alumnus of XISS and Santiniketan and works as a Manager at Humana People to People India, New Delhi. Views are personal.

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