The Indian economy is 10% more energy efficient than the G20 average: International Energy Agency

Just hours before Prime Minister Narendra Modi opens a three-day India Energy Week in Bengaluru to showcase India’s growing prowess as a powerhouse for the energy transition, the International Energy Agency said the adoption of the kinds of measures and measures that LiFE (Lifestyle for the Environment) is targeting worldwide, including Behavioral changes and sustainable consumer choices, would reduce annual global carbon dioxide emissions by more than two billion tons in 2030.

Prime Minister Narendra Modi launched the LiFE initiative at COP26 in Glasgow in November 2021.

It aims to encourage the adoption of sustainable lifestyles in India and internationally to meet the challenges of environmental degradation and climate change.

A new report, “LiFE Lessons from India,” from the International Energy Agency, examines how India’s G20 presidency this year can advance the LiFE initiative internationally to help reduce emissions, energy bills, and inequalities in per capita energy consumption and emissions between countries.

According to the LiFE Initiative, global adoption of such measures would also save consumers globally about $440 billion in 2030.

LiFE measures can also help reduce inequalities in energy consumption and emissions between countries. The report says the reductions in per capita CO2 emissions in advanced economies by 2030 could be three to four times greater than those in emerging market and developing economies.

Already the third-largest national market globally for renewables, India has recently seen a growth in consumer-focused solutions such as distributed solar PV, with rooftop solar capacity growing 30-fold in less than a decade, the report says.

Supportive policies and awareness campaigns in India have also propelled electric passenger cars to a market share of around 5 percent in 2022 – with sales tripling from 2021.

The example of India shows the importance of behavioral change and consumption choices in driving energy transitions.

The International Energy Agency has analyzed the impact of measures such as those proposed by the LiFE initiative, such as buying an electric car or taking public transportation, as part of comprehensive energy transition strategies.

IEA Executive Director Fatih Birol told IANS: “India’s G20 presidency this year presents a unique opportunity to globalize the LiFE initiative – providing a knowledge-sharing platform for other leading economies to realize the impact that LiFE recommendations can have in combating climate change, air pollution and bills. exorbitant energy.

“With the G20 accounting for nearly 80 percent of global energy demand, meaningful changes by its members can make a huge difference.”

The International Monetary Fund estimates that India will be the third largest economy in the world by 2027, and India is already on track to become the most populous country this year.

The critical challenge is to ensure safe and affordable energy for growth while fostering its transition to net zero over the coming decades.

To meet these challenges, India has embarked on a dynamic new phase in its energy transition, which spans three broad areas.

First, it launched important initiatives to lower prices and increase clean energy supplies. These include a target for non-fossil fuel sources contributing 50 percent of India’s power generation capacity by 2030; a national green hydrogen mission that aims to establish an annual renewable hydrogen production of 5 million tons by 2030; and Biofuels, which aims to blend 30 percent ethanol into gasoline by 2030.

Second, India is seeking to domesticate parts of global supply chains that will be essential to its new energy economy. This includes a Production Linked Incentive (PLI) scheme that encourages local manufacturing of solar photovoltaics, advanced batteries and electric vehicles.

Third, the government has focused on demand-side measures, including taking the first steps towards creating a national carbon market, an energy efficiency trading scheme for industries, stimulating the purchase of electric vehicles, bulk purchases of electric buses for public transport, standardization and labeling of devices, and most recently, the Green Lifestyles Initiative. LiFE, which aims to drive individual consumption behaviors and choices towards cleaner alternatives.

These actions have huge potential but need global support. The International Energy Agency estimates that India will need $145 billion annually through 2030 in clean energy investment to put it on a net-zero emissions path by 2070. This is three times the current level of annual clean energy investment in India.

Disclaimer: This story is automatically compiled by a computer program and was not created or edited by FreshersLIVE.publisher : IANS-Media

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