Green agenda is no longer an appendage; it is at the heart of business for India Inc. As the climate discourses of last year at the G20 and the UN climate conference in Dubai fuel the climate actions this year, a few touchpoints call for urgent attention from the global community.
Building Green Energy Ecosystems
Renewables will constitute 90 per cent of electric capacity expansion globally between 2022 and 2027, according to the International Energy Agency (IEA). India has announced that it aims to meet 50 per cent of its electricity demands from renewable energy by 2023 and achieve net zero emissions by 2070.
In 2024 alone, India could witness an 83 per cent rise in investments in renewable energy projects to nearly $16.5 billion, according to power ministry estimates. Besides solar and wind energy, India Inc. is focusing on green hydrogen. In January 2023, the cabinet approved the National Green Hydrogen Mission, sanctioning Rs 19,744 crore. In July 2023, the Solar Energy Corporation of India (SECI) announced incentives for annual production of 4,50,000 tonnes of green hydrogen and 1.5-GW electrolyser manufacturing facilities.
Twenty-one firms have bid for incentives for electrolyser manufacturing and 14 for green hydrogen production under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. Bidders include Adani New Industries, L&T Electrolysers, Bharat Heavy Electricals and Reliance Electrolyser.
Beyond renewables, there is a need to build a solid green ecosystem across hard-to-abate sectors such as oil, gas, aluminium, steel and promote sustainable transportation to cut emissions. India Inc. has committed to it by investing in R&D and innovation.
Mainstreaming Geospatial Technology
This story is from the February 2024 edition of Outlook Business.
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This story is from the February 2024 edition of Outlook Business.
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