Kant, Energy News, ET EnergyWorld
Speaking to a virtual event hosted by the Center for Social and Economic Progress (CSEP), Kant added that India occupies a very unique position in the field of hydrogen and should move towards green hydrogen in the petroleum refining and fertilizer sectors.
“We have to build a sustainable India … India only needs low cost capital to fuel the Indian green entrepreneur to execute projects on a global scale in the fields of green hydrogen, solar power, electric vehicles and batteries, etc., ”he said.
Kant noted that the government has been pushing for green energy and that India is the fourth in the world in terms of installed renewable energy capacity.
Speaking on climate change, he said that on the goal of net zero emissions, the developed world has given itself over 40 years, and 7 years for the transition.
“So we can talk about net-zero (emission target), but it certainly can’t be 2050. It has to be a year in the future where a lot of models are looked at, but something that will be politically decided.
“But we have to look at different models through which we will come up with the best possible solution for this,” he said.
Net-zero means balancing the amount of greenhouse gases emitted into the environment by removing an equivalent volume. This can be achieved through various modes, including forest restoration or through direct air capture and storage (DACS) technology.
A very active campaign has been underway for two years to get each country to sign a goal of net zero for 2050.
Also speaking at the event, former vice-chairman of the former Planning Commission, Montek Singh Ahluwalia, said the world was not on track to meet the goals of the Bets on climate change.
“India will be among the countries most affected due to global warming,” Ahluwalia said, adding that climate justice suggests that developed countries should meet the targets sooner, leaving more time for developing countries.
He pointed out that India’s per capita energy consumption is a third of the world average, but the country is the 4th largest emitter, so it will face pressure to agree to an emissions reduction trajectory. .
Ahluwalia stressed the need to switch from fossil fuels to electricity where possible, but added that some use of fossil fuels is likely to continue until 2050.
Noting that the financial situation of Indian nightclubs (electricity distribution companies) needs to be significantly improved to encourage private sector investment, he suggested the privatization of nightclubs to reduce the possibility of political interference.
Ahluwalia also warned that the increasing use of biofuels could impact food security.