Page 86 - Nuvama | IC Report 2023

• MANUFACTURING • NEW ENERGY • URBANISATION • CONSUMPTION PREMIUMISATION • EQUITY SAVINGS CULT

India too has seen a rise in surface temperature. While India’s rapid economic growth in recent decades
is commendable, the costs – particularly environmental – have gone unnoticed. That India’s cities
regularly feature among the most polluted globally sheds light on the enormity of the energy ‘monster’
the country is trying to tackle. Therefore, using renewable energy is imperative since it can wean India
off its dependency on fossil fuels—the largest source of CO2 emissions.
Exhibit 4:
India’s share 7%
(%) of carbon
emissions
on the rise 6%

5%
4%

3%
2%

1%

1858 1880 1900 1920 1940 1960 1980 2000 2021
India's share in global carbon emissions
Source: Global carbon project (2022), Nuvama Research

India’s pledge: To be carbon-neutral by 2070
In fact, India is highly focussed on lowering its carbon emissions. At the COP26 summit held in Glasgow
(the UK) in 2021, India pledged to become carbon-neutral by 2070. It laid down a five-point agenda to
deal with climate change:
• Raise the country’s non-fossil fuel based energy capacity to 500GW by 2030
• Meet 50% energy requirements from renewable energy by 2030
• Reduce projected carbon emissions by one billion tonnes through 2030
• Cut carbon intensity of the economy to less than 45% by 2030
• Net zero emissions by 2070
We note upward revision of certain targets declared by India at the COP21 summit held in Paris in
2015 (the Paris Agreement). Emission intensity targets have been revised up from 30–35% to 45%
of economy. Non-fossil fuel power generation mix would be increased from 40% (COP21 summit) to
500GW (COP26), which we estimate would be about 60% of total capacity.

84