Noting that India has achieved its target of 40 per cent installed electric capacity from non-fossil fuels ahead of 2030, the Economic Survey has highlighted country’s plans to be energy independent by 2047, by relying on green hydrogen through the National Green Hydrogen Mission.
The mission includes developing green hydrogen production capacity to at least 5 million metric tonne (MMT) per annum by 2030, cumulative reduction in fossil fuel imports over Rs 1 lakh crore and creation of over 6 lakh jobs by 2030.
Further, renewable energy capacity addition of about 125 GW and abatement of nearly 50 MMT of annual greenhouse gases emissions by 2030.
As per the economic survey, India declared the Net Zero Pledge to achieve net zero emissions goal by 2070. At the 2021 United Nations Climate Change Conference (COP26) held in Glasgow, Scotland, Prime Minister Narendra Modi declared the Net Zero Pledge.
The survey states that about 50 per cent cumulative electric power installed capacity will come from non-fossil fuel-based energy resources by 2030.
According to the survey, the likely installed capacity from non-fossil fuels will be more than 500 Gigawatts (1 billion watts) by 2030. This will result in a decline in average emission rates by around 29 per cent by 2029-30, compared to 2014-15.
The survey states that India aims to reduce the emissions intensity of its Gross Domestic Product (GDP) by 45 per cent from its 2005 levels by 2030.
The survey mentions the progress on eight missions under the National Action Plan (NAP) on climate change to address climate concerns and promote sustainable development.
As of October 2022, solar power capacity of 61.6 GW has been installed. This is a key metric under the National Solar Mission.