India's non-fossil energy capacity will reach 500GW by 2030. It will meet 50 per cent of its energy requirements from Renewable energy by 2030 and will reduce the carbon intensity of its economy by less than 45 percent by the same year. Furthermore, India will also reduce the total projected carbon emissions by 1 billiontonnes from now onwards till 2030.By the year 2070, India will achieve the target of Net Zero. This was stated by Dr V K Saraswat, Member, NITI Aayog, Government of India at the Norway-India Business Summit 2022 which was organized by CII in association with the Embassy of Norway at the Leela Palace, New Delhi.

He also highlighted that deep decarbonisation  requires broad-based systems approach across a portfolio of options including clean energy carriers such as Hydrogen and Methanol and Renewables.

Additionally, the net zero innovation portfolio and priority areas such as Floating offshore wind, Hydrogen, Bioenergy, Industrial fuel switching, Advanced CCUS and disruptive technologies offer the two countries a plethora of opportunities to enable partnerships across the respective value-chains.

While speaking about the use of alternate fuels to reduce import and emissions, he said that presently BioCNG, Ethanol and Methanol are alternative fuels available with India and in future green Hydrogen will be available through renewables, which will lead to a reduction in emissions by 40%.

In his concluding remarks, Dr Saraswat highlighted the important role of the governments in promoting the R&D programs and initiatives that can unlock the economic potential of CO2 utilization and large-scale demonstration for CCUS in the industry in national and regional programmes.

Mr Parag Sharma, Vice Chairman, CII National Committee on Aatmanirbhar RE and Founder & Chief Executive Officer, O2 Power set the context at the Summit.

25 April 2022

New Delhi