As the world’s most populous country, India is also the largest emitter of fossil fuel gases. It is crucial to control fossil fuel consumption to address the severe impact on the planet. India can significantly reduce its carbon footprint by adopting more feasible resources. The government and conglomerates are taking necessary initiatives to decarbonize.
Consumption of fossil fuels in India has significantly increased in recent years, with approximately 0.02% of the total GDP used for fossil fuel subsidies in the previous financial year. This figure has been growing year on year.
The question is, why does the government subsidize fossil fuels? India is the largest consumer of power and also the largest carbon emitter. Despite this, the country relies heavily on thermal energy sources, with coal dominating almost half of its energy consumption. As a result, India is a significant player in thermal energy and boasts one of the largest coal reserves in the world.
Coal is India’s primary energy source and the most significant contributor to air pollution in cities. The average age of the country’s coal-fired power plants is 14 years. However, it is imperative to source renewable energy and find better alternatives concerning the harm it does to nature, and India has pledged to achieve carbon neutrality by 2070. “Energy security is my priority,” India’s power minister, R.K. Singh, stated at a forum.
“Investments from a power perspective are going to be driven by clean energy [solar and wind combined] at Rs 300,000 crore [USD 37.6 billion] over fiscal [years] 2023-2025,” Hetal Gandhi, director of research, Crisil stated.
Recently, India has been making history and emerging as a global player. The Modi government’s emphasis on renewable energy and the green energy mission has united the world towards achieving the goal of 2050. India is expected to accomplish this mission much earlier than the expected time, creating another significant milestone.
India has recently announced an extensive capex in the energy sector, covering various areas such as oil, gas, coal, large and small hydropower, and renewables such as solar and wind, including the establishment of Reliance Renewable Energy and Adani Green. There is also a designated funding allocation for electric vehicles and hybrids. It is crucial to note that the energy sector in India is often subjected to political influences. Therefore, India must prioritize investment in renewable solutions to mitigate vulnerability.
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