There is a shift in the global energy mix from fossil fuels to renewables. It is evident that both the public and private sectors are working hard toward decarbonizing the economy. As part of an increasingly circular economy, these developments are contributing to the growth of renewables, the development of new energy carriers, improved energy efficiency, reduced emissions, and new markets for carbon and other byproducts.
Decarbonization has gained prominence with the increase in temperatures over recent years. But more so after the adoption of the Paris agreement, where world leaders came together and declared the objective of keeping the increase in global average temperature well below 2°C above pre-industrial levels within this century. They also decided to continue efforts to limit the rise to 1.5°C.
According to Ratul Puri, Chairman, Hindustan Powerprojects (HPPPL), “To cap global warming at 1.5 °C, we should implement a policy to take the long view, expand access to digital connectivity and invest in green infrastructure.”
He further explained, “The energy challenge is three-fold. Firstly, we require clean and reliable energy to meet our consumption requirements. Secondly, we need to shift to green energy sources to decrease the burden of global warming. Thirdly, we need to increase the reliability and resiliency of the grid network.”
The announcement by the Prime Minister of India, Narendra Modi, has also enhanced targets for climate action, particularly its goal of reaching net-zero emissions by 2070, highlighting the need for long-term planning to decarbonize the economy. The Government of India has also focused its attention on rapid reductions in the cost of renewable energy (RE) based power, with dramatic enhancements in the targets for RE.
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“Technology is bound to play a significant role in reducing the cost of renewable energy by using advanced situational intelligence to predict the need for energy resources and how to deliver them at the lowest price.” As part of the decarbonization effort, curbing diesel intake, achieving green grids, enhancing efficiencies, and improving water treatment are all part of the strategy. A huge opportunity exists in reimagining the energy sector, “said the Chairman of HPPPL, Ratul Puri.
