By: Shalin Sheth, Founder & Managing Director, Advait Infratech Limited
India’s commitment to environmental sustainability and carbon reduction was recently showcased at the 28th Conference of the Parties (COP28) in Dubai. Prime Minister Narendra Modi highlighted the country’s significant strides towards achieving its Nationally Determined Contributions (NDCs), including a 50% reduction in carbon emissions by 2030 and net-zero emissions by 2070.
He also unveiled a new initiative, the Green Credit System, which aims to incentivize individuals and communities to undertake environmentally friendly actions.
India’s Progress in Carbon Reduction
India is one of the few major economies that is on track to meet its NDCs, a testament to the country’s commitment to climate action. According to the India Climate Change Report, India’s greenhouse gas emissions are projected to be 1.8 billion tonnes of carbon dioxide
equivalent (GtCO2e) lower than the projected level of 4.7 GtCO2e by 2030 if the country continues its current efforts.
This reduction is equivalent to avoiding the emissions of over 400 coal-fired power plants. Moreover, companies like Advait Infratech, are actively contributing to India’s carbon reduction endeavors by offering comprehensive carbon neutrality services and green hydrogen solutions.
While creating benchmarks in the field of power transmission, renewable energy, and telecommunication, they guide organizations through carbon footprint assessments, tailors carbon reduction strategies, and implement impactful offset initiatives, ensuring a measurable and meaningful decrease in greenhouse gas emissions.
Recent positive developments in climate change mitigation policies:
● The power distribution companies will gradually increase their minimum renewable purchase obligation from 24.6% in 2023 to 43.33% in 2030.
● Policy support has been strengthened to expand storage capacity. The newly-adopted NEP2023 provides guidance on procuring and utilizing Battery Energy Storage Systems (BESS). Guidelines for pumped storage projects have also been adopted by the Ministry of Power, although concerns have been raised about the environmental clearance process outlined in the guidelines.
● The government has initiated auctions under a production-linked incentive program for the manufacturing of electrolyzers, supporting green hydrogen production.
India’s approach to carbon reduction is multifaceted, targeting both energy production and consumption. The country has made significant strides in expanding its renewable energy capacity, primarily through solar and wind power. Moreover, India is focusing on improving energy efficiency across various sectors. Initiatives like the Perform, Achieve, and Trade (PAT) scheme have incentivized energy-intensive industries to reduce their consumption, leading to substantial energy savings and emission reductions.
The Green Credit System: A New Approach to Environmental Action
In addition to these existing initiatives, Prime Minister Modi unveiled the Green Credit System at COP28. This new initiative aims to incentivize individuals and communities to undertake environmentally friendly actions beyond carbon emission reductions.
The system will issue “Green Credits” for actions such as water conservation, soil improvement, and waste management. These credits can then be traded on a marketplace, providing financial rewards for individuals and communities that are taking concrete steps to protect the environment.
The Green Credit System has the potential to be a game-changer for environmental protection in India. By incentivizing individuals and communities to take action, the system can help accelerate India’s transition to a more sustainable future.
Challenges and Opportunities
While India is making significant progress on its climate action agenda, there are still challenges that need to be addressed. These include:
● Financing the transition: India needs significant financial resources to invest in renewable energy, energy efficiency, and other climate-friendly technologies.
● Access to technology: India needs access to the latest clean technologies to achieve its ambitious climate goals.
● Capacity building: India needs to build capacity at all levels of government and society to implement climate action plans.
Despite these challenges, India is well-positioned to achieve its climate goals. The country has a strong track record of implementing ambitious development programs, and it is committed to taking action on climate change. With the support of the international community, India can continue to make significant progress towards a more sustainable future.
Conclusion
India’s leadership on climate change is commendable. Its ambitious goals and concrete actions show the country’s commitment to carbon reduction and environmental sustainability. The Green Credit System is a promising new initiative that has the potential to incentivize individuals and communities to take action and accelerate India’s transition to a more sustainable future. With continued international cooperation and support, India can achieve its climate goals and become a global leader in environmental sustainability.