Economy

India to firm up economy’s electrification playbook

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New Delhi: As part of its energy transition efforts, India plans to work towards electrification of economy by developing action plans, setting up a government group for implementing energy efficiency and firming up low carbon technologies road map and strengthening state-run Bureau of Energy Efficiency.

This comes in the backdrop of investor’s interest in India’s green economy remaining robust despite the overall turmoil caused by the covid-19 pandemic, with the global energy landscape shifting towards Environmental, Social and Governance (ESG) investing.

“R.K. Singh, Minister of State (Independent Charge) for Power, New and Renewable Energy and Minister of State Skill Development and Entrepreneurship chaired a high-level meeting to review the progress of various energy efficiency programmes and the preparedness for Climate Change Actions in the country through video conferencing yesterday,” power ministry said in a statement on Thursday.

“The purpose of this high-level meeting was to discuss activities in the field of energy efficiency across all the sectors of the economy with the objective of reducing CO2 emissions,” the statement added.

Increased green energy capacity, electric mobility and ethanol blending with fossil fuels among other measures will help reduce pollution and strengthen India’s commitments made at COP-21, the UN Climate Change Conference held in France in 2015.

“Shri Singh directed to keep focus on sectors with highest emissions intensity such as transport, MSMEs and power plants,” the statement added.

In an attempt to deal with climate change impact, India has also prepared a report of states and districts’ climate vulnerability, with a detailed national-level assessment been carried out.

Union power secretary Alok Kumar, “highlighted that cooling sector, cold storage and cooking are key areas to focus on for successfully achieving our targets for CO2 emission reduction,” according to the statement.

“He (Alok Kumar) also discussed possibilities of exploring shift of Goods movement from Road Transport to Railways. It was highlighted by Secretary , Power that Power Finance Corporation, a CPSU under the Ministry, would be the nodal agency for facilitating Energy Efficiency Financing and act as a knowledge-based champion organization for various financing programs. Financing for MSMEs remains a key challenge,” the statement added.

In what may help towards India’ clean energy efforts, consulting firm EY and lobby group Federation of Indian Chambers of Commerce and Industry (FICCI) have identified low carbon investment opportunities requiring an equity investment of around 2 trillion.

“Bureau of Energy Efficiency has developed two programs namely ROSHANEE and UNNATEE laying down the Sector wise action plan for the period 2021-2030. Mission ROSHANEE envisages various activities in the field of energy efficiency across all the sectors of the economy with the objective of reducing CO2 emissions by more than 550 million tonnes in the country by 2030 whereas UNNATEE is a working document, having short term and long-term action plans for lowering energy intensity,” the statement added.

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