According to a foreign brokerage, India will spend $316 billion (about Rs 23 lakh crore) on de-carbonization in the decade leading up to 2030, with a large percentage of the money going to renewable energy sources. According to Bofa Securities, the investment will be in addition to the estimated Rs 6 lakh crore ($84 billion) previously spent since the government joined the Paris Climate Agreement in 2015.
Amish Shah, the brokerage’s head of research, told reporters ahead of the Glasgow conference that India has been one of the most active states on the ground, citing the fast-paced migration to automobile emission rules as an example. India is also correct in not establishing a target for carbon neutrality, as all other big economies around the world have done, he noted.
At the upcoming meeting in Glasgow, Shah expects India to argue in favor of looking at carbon objectives in terms of per-capita consumption rather than an overall perspective. According to the brokerage, approximately Rs 14,051 lakh crore will be invested in a transition to renewable energy sources, followed by Rs 4,939 lakh crore in rail freight capacity development and Rs 2,044 lakh crore in metro projects across numerous major centers.
According to its projections, India’s de-carbonization efforts will save over 106 GW of electricity and reduce carbon emissions by 1.1 billion tonnes by 2030. When viewed in the context of yearly energy usage of 150 GW, Shah claims that the energy savings from investments will be considerably more apparent. He indicated that India will not swiftly adopt nuclear energy as a source of electricity and that the source will account for less than 10% of the total energy mix.
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