India and the EU are natural partners for the green economy
As the world recovers from the impact of the Covid-19 pandemic, economic and supply chain restructuring, resilience and diversification are clear priorities. Underlying this is the imperative of green growth. Industrial and technological investments we make must be ecologically sustainable and contribute to the battle against global warming.
In this context, India’s sustained adherence to its COP 21 Paris Climate Agreement commitments offers opportunity. India is the first major country attempting industrialisation and large-scale urbanisation while also reducing intensity of dependence on fossil fuels. In Paris in 2015 it promised to reduce the greenhouse gas emission intensity of its GDP by 33-35% (below 2005 levels) by 2030. It also pledged to create an additional “carbon sink” of 2.5 to three billion tonnes of carbon dioxide equivalent through added forest and tree cover.
Even before Prime Minister Narendra Modi travelled to Paris, he had raised the bar for India’s climate ambitions. In 2014 India enhanced its renewable energy target to 175 GW by 2022. Actual achievement is likely to be as high as 225 GW. By 2030 India will be generating 450 GW of renewable energy. By that year India is committed to reaching 40% of installed electricity capacity from non-fossil fuel sources. In reality, this will easily cross 50%.