India's Green Transition: Balancing Energy Demands and Carbon Reduction

India's journey toward sustainable development faces challenges, as highlighted in the Economic Survey 2023-24. The country must balance increasing energy demands while reducing carbon emissions. A diversified energy approach, financial support, and international cooperation are crucial for achieving climate commitments and Nationally Determined Contributions (NDCs).

India's sustainable development journey faces significant challenges, as revealed in the Economic Survey 2023-24. The nation must simultaneously meet soaring energy demands and adhere to climate commitments, complicating its green transition.

Tabled in Parliament, the Survey stresses the need for a diversified energy portfolio to meet growth targets while lowering carbon emissions. Financing cleaner energy primarily through domestic resources poses a challenge, underlining the importance of non-fossil fuel sources in achieving India's Nationally Determined Contributions (NDCs) and Net Zero goals. Yet, issues like renewable energy intermittency, waste management, and biofuel production impacts on food security remain.

The survey advocates a multi-pronged strategy, including renewables, nuclear, biofuels, and clean coal technologies. It cautions against over-reliance on imports, pointing to potential new vulnerabilities in the renewable supply chain. Highlighting progress, it notes that non-fossil sources now account for 45.4% of India's electricity generation capacity, aiming for 50% by 2030. The document calls for short-term policies to improve human welfare alongside long-term climate goals, emphasizing the need for financial support from developed nations, with estimated funding needs at USD 2.5 trillion by 2030.

(With inputs from agencies.)