India Boosts Renewable Energy Fight Against Climate Change
India is stepping up its fight against climate change, with significant companies investing billions in renewable energy projects and the government setting ambitious targets. Meanwhile, the international community is collaborating to accelerate decarbonization.
Several major Indian corporations are making substantial investments in renewable energy. SAEL Industries Ltd is pouring nearly $954 million into solar cell and module production. Hindustan Petroleum Corp Ltd is investing $231 million in compressed biogas plants through its renewable arm. ReNew Energy Global is committing a massive $2.5 billion to hybrid renewable energy projects. Coal India Ltd plans to develop 4.5 GW of renewable energy capacity, mainly in solar and wind. ONGC Green is acquiring clean energy assets to boost wind energy capacity.
The Confederation of Indian Industry (CII) has launched the Climate Action Charter (CCAC) to help businesses develop long-term strategies to combat climate change. The CCAC is built on four core principles: reducing greenhouse gas emissions, transitioning value chains, building resilience, and mobilizing green finance. India, along with the US and UK, is co-leading the Road Transport breakthrough at the COP27 Summit.
The impacts of climate change are severe and wide-ranging. It causes increased storms, droughts, and the shrinkage of natural water bodies, leading to loss of lives. Every year, around 13 million people die due to environmental factors. India aims to achieve zero net carbon emissions by 2070 and meet 50% of its electricity requirements from renewable sources by 2030. It has also joined the Clean Energy Ministerial Industrial Deep Decarbonisation Initiative.
At the COP27 Summit, countries have launched a package of 25 new collaborative actions to speed up the decarbonization process. The burning of fossil fuels is the biggest contributor to climate change, accounting for over 75% of greenhouse gas emissions and nearly 90% of carbon emissions.
India's commitment to combating climate change is evident in its ambitious targets and corporate investments. International collaboration, such as the CCAC and COP27 Summit, is crucial for accelerating the transition to a low-carbon economy. The impacts of climate change are severe, underscoring the urgent need for collective action.
