Sharm El-Sheikh, Egypt. 13 November 2022: Mr Lalit Bohra, Joint Secretary, MNRE, Government of India, stated that energy efficiency, electrification and renewable energy are the three pillars of India’s energy transition towards a secure net-zero pathway.
He was speaking at the session “Role of Renewable Energy, Hydrogen and Transition Fuels towards India’s target of Net Zero”, organised yesterday, at the India Pavilion at UNFCCC COP27 in Sharm El-Sheikh, Egypt. FICCI and Indian Oil hosted the session. The Ministry of New and Renewable Energy, Government of India, supported the session.
Joint Secretary Bohra also alluded to amendments in Electricity Act 2003 that promotes decentralised renewable energy applications by making rooftop owners as “prosumers”. In addition, he averred that the National Green Hydrogen Mission was in the process of being notified to promote the industrialisation of hydrogen.
On occasion, Mr Kolluru Krishan, Chair, FICCI Climate Change Committee and Chairman, CVC India Infrastructure, noted energy storage and hydrogen as long-term perspectives and natural gas as an indispensable transition fuel. He added that Bio-methane is a nature-based solution for decarbonising gas.
During the panel discussion, Mr Sean Kidney, CEO, Climate Bonds Initiative underscored that along with the movement towards greener fuels, reforestation and carbon capture were essential. He also informed that countries are providing guarantees to reduce the cost of capital to risk-averse institutional investors in green projects. In addition, Dr Rambabu Paravastu, Chief Sustainability Officer, Greenko Group, underlined that the availability of long-term offtake agreements for newer green technologies would ensure financing for these projects. Moreover, he said that we must continuously deploy proven green technologies as we move towards the net-zero targets.
Mr Vikram Kapur, Chief Growth Officer, Renew Power, suggested pragmatic green hydrogen standards for producing large-scale, cost-effective green hydrogen. He added that “all clean technologies that help bend the carbon emissions curve should be utilised.” Further, Mr Inderveer Singh, CEO & Founder and Director, EVAge Ventures, noted that electrification of automobiles while greening and decentralising the grid will be key for sustainable mobility, taking the load off the central grid.
During the session, Indian Oil showcased its initiatives in biofuels, renewable energy, and its solar cooker unit ‘Surya Nutan’. Mr Shreejit Basu, Senior Manager (Alternate Energy), Indian Oil Corporation, informed the audience that around 20,000 fuel stations of Indian Oil are powered by solar power.
FICCI is leading a high-level business delegation to UNFCCC COP27 with representatives from biofuels, renewable energy, hydrogen, manufacturing, infrastructure, services, and electric vehicle sectors. In addition, FICCI delegates have represented at various sessions at this year’s COP.