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India Committed To Reduce 45% emissions intensity Of GDP By 2030: Bhupender Yadav
India is one of the fastest-growing emerging market economies with a young population and burgeoning innovation and business ecosystem
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India stands committed to reducing the emissions intensity of gross domestic product (GDP) by 45 per cent by 2030 and reach to net zero by 2070 while developing sustainably, said Union Minister Bhupender Yadav on Tuesday in Bengaluru.
While addressing the ministerial session on ‘Adapting to an Uncertain Future: Reshaping of Global Partnerships’ at India Energy Week, he said India has emerged as one of the global forerunners with the ability to show concrete and collective resolve to ensure harmony and energy security in the world amid energy crisis.
He also said that to reshape the global partnership, India has adopted a “whole-of-society” approach with governments engaging at national, sub-national and local governments levels, including the private sector, civil society organisations, local communities and people in vulnerable situations.
Yadav said that today, India is one of the fastest-growing emerging market economies with a young population and burgeoning innovation and business ecosystem.
The Minister for Environment, Forest and Climate Change stated that with Nominal GDP for 2023-24, estimated to grow 10.5 per cent year-on-year to Rs 301.75 trillion (USD 3.69 trillion) in 2023-24, India strives to become a USD 5 trillion economy by 2025.
He also said that India’s commitment to a sustainable and carbon-neutral future is being guided by its enhanced National Determined Contribution (NDC) and Long-Term Low Carbon Development Strategy which call for clean and efficient energy systems, disaster-resilient infrastructure, and planned eco-restoration.
The minister added that India’s net zero goal entails a five-decade long journey and India’s strategy must therefore be evolutionary and flexible, accommodating new developments in technology, the global economy and international cooperation, he said.
The minister highlighted that in the Union Budget 2023-24 greening the economy is one of the top seven priorities (Saptarishi).
He said that India has launched and is nurturing many programs for green fuel, green energy, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors.
Ethanol blending with petrol, the National Green Hydrogen mission, promotion of electric vehicles and a tremendous push on the renewable energy front are some of the significant initiatives that India is pursuing towards a clean and green energy future.
These initiatives are playing an important role in India’s Energy transitions and to provide for large-scale green job opportunities, he said.
“India's energy security is also important for global growth, as it is the world's fastest-growing economy. We must not promote any restrictions on the supply of energy and stability in the energy market should be ensured," he mentioned.
India is committed to clean energy and the environment. By 2030, half of our electricity will be generated from renewable sources. Time-bound and affordable finance and sustainable supply of technology to developing countries is essential for inclusive energy transition.”