Decarbonization is the Way to go Green: Ratul Puri

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Ratul Puri said, “The global energy use is envisioned to ramp up by nearly 50%, as projected by the Energy Information Administration (EIA). Economic activities recovered after the pandemic, leading to a rise in energy costs and tight supplies worldwide. Although nations talk about net-zero emissions and carbon neutrality at global summits, we can’t deny that 80% of the world’s energy comes from fossil fuels like coal, oil and natural gas. This is the reason why global energy debates can threaten social cohesion.”

He added, “The world leaders, at the Paris summit on climate change in 2015, agreed to contain global warming to 2 degree Celsius and strive to bring Earth’s average temperature to 1.5 degrees Celsius. To achieve this goal, we must switch to renewable energy for power generation. It is considered the most sensible way to emerge as a carbon neutral economy.”

However, we must understand that India’s energy challenge is three-fold. We need reliable and clean energy to meet our consumption requirements. Secondly, we must switch to green energy sources to mitigate the global warming pressure. Lastly, we need to strengthen our grid network in terms of reliability and resiliency.

Evidently, the industrialization needs of developed nations are fulfilled by unabated coal. And if the world needs to achieve net-zero by 2050, all countries must attain their emission reduction targets, as highlighted by the Intergovernmental Panel on Climate Change (IPCC). According to the SEBI’s sustainability reporting norms, an ESG overview has become mandatory.

Renewables have recorded immense growth in the past ten years. As per estimates, India has over 1050GW of renewable potential in wind and solar energy. Given their reliance on sunlight and high-speed winds, solar and wind can offer intermittent benefits, which is why building green capacities is store such massive energy is a must at this juncture.

When speaking of Europe, it generates 30% of its power from renewables, of which wind alone contributes 13%. While in India, hydro makes up 11% of the total energy produced, followed by wind and solar. The country invested Rs 5.2 trillion in renewable energy in the past eight years. This growth is also attributed to policy interventions, such as transparent bidding, waiving off inter-state transmission system charges, and more. In fact, India also contributed their bit in setting up the International Solar Alliance in 2015 to promote solar energy in 121 tropical countries.

In India, more green initiatives like investing in waste-to-energy projects will offer the twin benefits of making the country clean and green. Also green mobility and increasing production of hydrogen needs to be encouraged. Technology is also believed to be a game-changer in reducing the price of renewable energy and thus help fight the climate change battle.

For instance, digitized energy systems coupled with advanced situational intelligence can be leveraged to identify which consumers need energy, when and how we can ensure its affordable delivery. India surpassed the 100GW target of installed renewable energy capacity in 2021 despite COVID-19, which clearly indicates its true potential to produce green energy for future generations.

“Climate change is a true concern, and as a nation, we must continue to innovate and accelerate our existing climate and energy strategies. Decarbonization is an excellent step in this mission, which involves curtailing diesel intake, encouraging green grids, low-power digital designs, enhanced efficiencies and water treatment plants, and the list will go on. It’s high time to reimagine our energy sector in order to unlock its untapped potential,” HPPPL Chairman, Ratul Puri concluded.