By Karthikeyan Natarajan
As India sets its sights on becoming a net-zero carbon emitter by 2070, the path ahead is challenging yet promising. This ambitious pledge, if fulfilled, will position India not only as an economic powerhouse but also as a global leader in the clean energy revolution. However, to realize this vision, the world’s most populous nation must deftly navigate a delicate balance: ensuring energy security for its households and industries while dramatically accelerating the transition from fossil fuels to renewable energy.
Globally, we face a carbon debt that is staggering in both scale and inequality. Since 1751, humanity has emitted over 1.5 trillion tonnes of carbon dioxide, with the United States contributing 25% and the European Union accounting for another 22%. By contrast, China and the rest of Asia, Africa, and South America bear a disproportionately smaller share of historical emissions. Yet, emerging economies like India must now confront the harsh reality that they, too, must rapidly decarbonize, despite their limited contribution to the problem.
As of 2023, global emissions are hovering around 41-42 billion tonnes annually. If we are to limit global warming to 1.5°C, the world can only afford an additional 250 billion tonnes of emissions, a threshold we will reach within the next six to eight years unless urgent action is taken. Beyond that, limiting warming to 2°C would allow for 1,150 billion tonnes of carbon emissions—an allotment that will be exhausted in the next 30 years if current trends persist. The consequences of inaction are clear: we are already witnessing the devastating impacts of climate change, from extreme weather events like hurricanes and floods to prolonged droughts and erratic temperature fluctuations across the globe.
The solution lies in a dramatic overhaul of the global energy system. To ensure the planet remains livable for future generations, we must phase out legacy energy grids and replace them with integrated energy systems capable of meeting the world’s growing energy demands, which are projected to triple by 2050. This transformation requires a two-pronged approach.
First, we must aggressively shift to cleaner energy sources—renewables, nuclear, natural gas, hydrogen, ammonia, biofuels, and battery storage—to supply the growing demand sustainably. Second, we need to simultaneously drive energy efficiency and invest in carbon capture, utilization, and storage (CCUS) technologies, alongside fostering a circular economy that prioritizes sustainability across industries and societies. Both approaches are equally critical in addressing the climate crisis.
However, even the best technologies and most innovative solutions will fall short without decisive action from global policymakers. The question is no longer whether we have the tools to combat climate change; it is whether the world’s major economies can converge on shared policies, technologies, and funding mechanisms to accelerate the transition. Can we bridge the divide between developed and developing nations, ensuring that technology transfer and financial support flow freely to those most in need?
India, in particular, faces a unique challenge. As it continues its journey toward industrialization, it must do so with a low-carbon footprint, all while competing on an even playing field with global economic powers. This is no small feat. India’s mission to achieve carbon neutrality by 2070 hinges on its ability to scale renewable energy sources to 500 GW, innovate in green steel and cement production, and lead the charge in green hydrogen development. Critical to this mission will be leveraging government policies and innovative financing solutions, such as green energy open access, the Interstate Transmission System (ISTS), and instruments like green bonds.
India stands at a crossroads, with the potential to leapfrog into a new era of sustainable industrialization. But to achieve this, it will need strong international partnerships, technology transfer from developed nations, and robust regulatory frameworks like the Carbon Border Adjustment Mechanism (CBAM).
The world is watching. Will India rise to the occasion and set a new standard for emerging economies, proving that rapid economic growth and environmental stewardship can go hand in hand? The stakes are high, but so is the opportunity. Now is the time for bold, decisive action—both from India and the global community.
The future is not just about keeping the lights on. It’s about how we choose to power those lights for generations to come.
About the author: Karthikeyan Natarajan, Executive Director & Chief Executive Officer, Cyient
Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited.
From: financialexpress
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