New Delhi, December 03rd, 2024: India’s journey toward a sustainable future received a significant boost today with the launch of the EY-IVCA report Energy Transition: India’s Journey to Net Zero at the IVCA GreenReturns Summit 2024, held in New Delhi. This insightful report delves into India’s ambitious plans and progress toward achieving its net zero target by 2070, emphasizing the critical role of energy transition in driving economic prosperity and climate resilience.
The report underscores the imperative of energy transition for India, a country highly vulnerable to climate change impacts, with agriculture and natural habitats at significant risk. Transitioning to sustainable energy sources not only mitigates these risks but also serves as a growth engine for the economy.
Kapil Bansal, EY-Parthenon India Energy Transition and Decarbonization Partner, commented, “Delighted to launch the report Energy Transition: India’s Journey to Net Zero today in collaboration with IVCA. India stands at the forefront of the global energy transition, leveraging its immense renewable energy potential, ambitious green hydrogen strategy, and robust climate action plan to power a sustainable future. This report highlights how India is not only transforming its own energy landscape but also shaping the path for global decarbonization. With the right investments and collaboration, India can emerge as a critical player in driving innovation, scaling renewable energy solutions, and achieving climate resilience at a global scale.”
India’s Progress on 2030 Goals
India has made remarkable strides toward its Panchamrit framework and Nationally Determined Contributions (NDCs) under the UNFCCC. Key highlights include:
- Renewable Energy Growth: Renewable energy (RE) capacity has grown fivefold over the past decade, from 24 GW in FY 2014-15 to 136 GW in FY 2024-25. Non-fossil fuel capacity now represents 45% of the total installed power generation capacity.
- Future Targets: India is on track to achieve 50% non-fossil fuel-based capacity by 2030 and aims for 500 GW of such capacity by then.
- Emission Intensity Reduction: The country has already reduced emissions intensity by 40% compared to 2005 levels, building confidence in achieving the 45% reduction target by 2030.
Key Building Blocks Beyond 2030
The report outlines critical strategies for India’s energy transition:
- Facilitating green power sourcing and incentivizing renewable energy through market-based instruments.
- Supporting innovative technologies like green hydrogen and battery storage.
- Promoting local manufacturing through production-linked incentives.
- Expanding nuclear energy capacity as a base load power source.
- Encouraging green finance via green bonds, green deposits, and taxonomies.
Sectoral Highlights
- Nuclear Energy: With plans to triple nuclear energy capacity by 2031-32, India is positioning nuclear power as a vital part of its energy mix.
- Coal: Despite advancements in renewables, coal will remain crucial in meeting India’s rising energy demand in the near term.
- Transport: Initiatives include biofuel blending, rapid EV adoption, and electrification of Indian Railways, which aims to achieve net zero by 2030.
- Biofuels: Bio-ethanol and compressed bio-gas are reducing import dependency and linking agriculture with the energy transition.
Investment Imperative
Achieving net zero by 2070 will require over $10 trillion in investments. A blend of innovative financing models, robust policies, and private capital will be essential to drive this monumental transformation.
The IVCA GreenReturns Summit 2024 commenced today in New Delhi, convening over 400 visionaries, investors, policymakers, and entrepreneurs to chart a transformative path for India’s green economy. The Summit is dedicated to aligning India’s climate goals with its trillion-dollar economic aspirations for a ‘Vikshit Bharat’, spotlighFor Any Media Queries, Contact: