Davos 2022: Key announcements by India towards energy transition
Global leaders gathered at the World Economic Forum (WEF) last week in Davos, Switzerland to discuss government policies and business strategies for improving the state of the world.
The discussions at this year's meeting ranged from climate change, better business, fairer economics, tech and innovation, global cooperation, and society and equity among others, and India found itself at the centre of many critical dialogues.
Following are some of the key announcements made by India at Davos towards energy transition:
India joins Alliance of CEO Climate Action Heros – The WEF launched the India chapter of the Alliance of CEO Climate Action Leaders to accelerate India's climate action and decarbonization efforts. The alliance will help bring CEOs of India's leading businesses together to collaborate on and build upon learnings for India's low-carbon transition by 2070. Further, the high-level platform will support business leaders in planning and implementing of plans/programmes to achieve climate targets including net-zero and economic growth. In addition to CEOs, it will bring together the government and all other concerned stakeholders to achieve India's five-key commitments (Panchamrit) given by PM Modi at the COP26 conference in Glasgow this year:
- Increase the non-fossil fuel-based energy capacity of the country to 500 GW by 2030.
- By 2030, 50% of the country's energy requirements would be met using renewable energy sources.
- India will reduce the total projected carbon emission by one billion tonnes between now and the year 2030.
- The carbon intensity of the economy is to be reduced to less than 45% by 2030.
- India to become carbon neutral and achieve net-zero emissions by 2070.
ReNew Power invests in Maharashtra State for RE projects including green hydrogen:
Renew Power inked an MoU with Maharashtra State Govt. to invest INR 50,000 crore in renewable projects (solar/wind/hybrid) and green hydrogen in the next eight years aimed at generating 30,000 plus green jobs in the State.
Adani Green Energy, Greenko, and Aurobindo Realty & Infrastructure to make green investments in Andhra Pradesh
Andhra Pradesh signed renewable investment agreements worth approximately $16 billion with Adani Green Energy, Greenko, and Aurobindo Realty & Infrastructure. As per reports, Adani Green Energy will set up a 3,700 MW Hydro Storage Plant and 10,000 MW solar energy project in Andhra Pradesh. The project is expected to provide employment opportunities to about 10,000 people directly and indirectly. The state government also signed an MoU with Greenko for generating 8,000 MW of green power and another MoU with Aurobindo Reality Infrastructure Private Limited for generating 6,000 MW of green energy.
The state of Karnataka attracts RE and EV investors
The State of Karnataka also attracted investments to the tune of Rs. 60,000 – 65,0000 crore and signed MoU with several prominent companies.
ReNew Power Ltd. signed an MoU for an investment of Rs 50,000 crore spread over seven years in renewable energy, battery storage, and green hydrogen units. This investment is expected to create approximately 30,000 jobs in the state of Karnataka. ArcelorMittal invested Rs 6,000 crore for a wind-solar hybrid power project in Vijayapura. Karnataka also emphasized about its strong ecosystem for EVs and supporting infrastructure, with several leading EV players present in the state to the investors during the annual Summit.
Hitachi Energy is planning to invest Rs. 200 crore for setting up EV charging infrastructure in Karnataka given the state's strength in the sector. Dassault systems announced a partnership with the Karnataka State Govt. that will ensure the growth of the EV sector, and a center for excellence (CoE) for smart manufacturing in partnership with Central Manufacturing Technology Institute was also discussed.
20% blended fuel to become available by April 1, 2023
Speaking at the "Energy Outlook: Overcoming the Crisis" panel, senior cabinet minister, Hardeep Singh Puri noted that alternate fuels are being prioritized in India. He added that the aim of 20% ethanol blend has been pushed ahead from 2030 to 2025, as green hydrogen, biofuel discovery, and production from alternate sources are being prioritized.
Mr. Puri said that 20% blended fuel will become available in Indian petrol bunks by 1 April 2023.