Rising temperatures across the globe is a serious concern. India has made significant progress, despite the fact that it pledged the net zero target by 2070 only in late 2021. India is spearheading one of the most robust climate action through Nationally Determined Contributions, which includes an ambitious programme for transitions to clean energy in the world. The Economic Survey 2023, which was tabled in the Parliament today, stated that India has improved its climate ambition manifold and has embarked on a long-term strategy towards a low GHG emission-based development despite the adverse effects of Covid 19 on the economy.
India is focused on solar, water, energy efficiency and capacity building to fight climate change and save environment. India has a target of 40 per cent installed electric capacity from non-fossil fuels by the year 2030. By the year 2030, about 50 percent of the combined electric power installed capacity will come from non-fossil fuel-based energy resources.
By 2030, the estimated installed capacity of non-fossil fuels will be more than 500 GW, resulting in a decline of the average emission rate by around 29 per cent by 2029 -- 30, compared to 2014 -- 15.
Solar power capacity installed, a key metric under the National Solar Mission, stood at 61.6 GW on October 2022. India is on the path to become a preferred destination for renewables, and investments in the segment have stood at $78.1 billion for the past 7 years.
India has a National Green Hydrogen MissionGreen Hydrogen Mission that will enable the country to be energy independent by 2047, according to the survey. By 2030, the green hydrogen production capacity of at least 5 MMT Million Metric Tonne per annum will be developed. The government is looking at a reduction in fossil fuel imports over 1 lakh crore and creation of over 6 lakh jobs by the year 2030. The addition of around 125 GW of renewable energy capacity and the abatement of nearly 50 MMT of annual GHG emissions by 2030 are some of the benefits of the renewable energy capacity addition of about 125 GW.
The Economic Survey states that India will reduce emissions intensity of its GDP by 45 per cent by 2030 from 2005 levels.